Data for October shows building approvals across the country fell by 12.9% m/m and are now down 8.1% from a year ago. The decline is being lead by unit approvals which are down 15.1% y/y while house have fallen just 4.4%.
In Queensland total approvals edged higher in October by 2.2% from Sept but remain down 8.2% down for the year. Unlike at the national level, the decline in Queensland is lead by houses (down 9.1%) with a smaller fall in units (down 6.0%).
Regional approvals data will be released by the ABS next Tuesday at which time we will update our Conus Trend Regional Building Approvals data for Queensland.