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The Conus Trend series for April comes in at 104, down 11.4% year-on-year and the lowest reading since January 2025. That number is not the story this month. The Trend is still absorbing the 468 Woree unit approvals from July 2025, and the unadjusted series is being dragged lower by a base effect, not a genuine deterioration. Remove Woree from the calculation and the adjusted Trend sits at 110, up 7.3% year-on-year and slightly above March’s 108. Prior months continue to be revised upward as the distortion works through; expect more of the same.
The rolling 12-month total for the year to April 2026 is 1,829 approvals, up 63% on the prior year’s 1,119. Strip out Woree and the adjusted total is 1,361, still 22% higher. House approvals for the year rose 9.9% to 1,121; unit approvals (excluding Woree) jumped from 99 to 240, up 142%. The unit pipeline has been thin for years; this is the first meaningful sign of life.
One note of caution: the monthly average over the past 9 months is still just under 100 approvals, which is not a rate that will shift the needle on housing supply.
The adjusted Trend at 110 is modestly encouraging and further upward revisions to prior months are likely. The question for the second half of 2026 is whether originals can sustain above 100 consistently.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series