Tuesday, March 4, 2014

Almost a unit building approval in Cairns?

Buoyant building approvals out today exceeded expectations and have been welcomed, with units mostly leading the way. Macrobusiness includes its usual graph-laden post: Dwelling approvals surge.

Queensland was also strong but in FNQ it wasn't quite so positive as reported at Conus: Strong Building Approvals not reflected locally. The numbers here should be expected to be seasonally lumpy at this time of year, however the Conus trend numbers as the best indicator were generally flat compared to the previous month.

An interesting note was that the CRC approvals included 4 in the category "new other residential building", which is other than houses, such as units. This would be the first such approval in CRC since the duplex in Bentley Park in August 2012! However, a quick look at the SA2 data shows that this appears to have been in Port Douglas which hasn't yet been split out following the new year council de-amalgamation.

An updated south v north split for the Cairns City area:

Note: The SA2 data here includes an aggregated Cairns SA4 so at least this can now be correlated with the new employment data area.

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