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The boom in residential building approvals that we saw from mid-last year until the first quarter this year has well and truly come to a halt. September saw approvals down 4.3% m/m, although they remain up 12.8% from a year ago. What strength there is comes from unit approvals (up 44.9% y/y) while house approvals are now down 3.5% y/y.
In Queensland we are seeing a similar pattern play out except that in Queensland the slide has been even more pronounced. In September approvals fell 21.5% m/m and are now down 5.8% from a year ago. House approvals have fallen 4.8% since Sept last year while units are down 7.9%.
Regional data for approvals will be released by the ABS next week at which time we will be updating the Conus Regional Trend series for all the Queensland SA4 regions.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series