Tuesday, December 3, 2013

Rising tide for beaches building

Building approvals data was out yesterday which continued an improving outlook in Cairns with 76 approvals for the council area in October. Commentary at Conus includes their trend series: More strong building approvals data
"Conus Trend series shows approvals in October up to 58 (from a strongly revised 57 in Sept.). This is the highest rate of Trend approvals for the region since mid-2010. The Trend approvals number has now increased from just 33 in Feb this year."
An interesting aspect from the more granular SA2 data is that the higher numbers are mostly out at the beaches with approvals to the north well ahead of the southside in recent times.

The strata unit sector continues to weigh on the local economy with still no approvals since that duplex in Bentley Park in August last year! This can't just be attributed to the insurance factor as there has still been activity in the sector down in Townsville.

Also noted this month was $30 million recorded for value of non-residential building. I presume this could relate to a larger project or two going through during the month?

Meanwhile in the most recent CairnsWatch probably of most interest was the trend in median prices for vacant land which i'm wondering may not be partly attributable to the beaches trend.

Note: In the ABS SA2 areas Cairns North comprises Brinsmead, Redlynch, Stratford and northward to Palm Cove. Cairns South incudes the City, Edge Hill, Whitfield and extending southward from there. Approvals in the north over recent months have been dominated by Smithfield - Trinity Beach.

Update: No weakness in strata elsewhere and remains the 'missing link' in Cairns Apartment boom taking hold in Sydney

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