The ABS has released building approvals for September and it’s a healthy bounce month on month up 7.8% against expectations of 1%, also the prior month was revised up to 8.8%:
As you can see, approvals for houses rose 1.3%, contradicting yesterday’s HIA numbers, but were outstripped by apartments which soared again. Here are the state by state trend numbers from the ABS:
NEW SOUTH WALES
The trend estimate for total number of dwelling units approved in New South Wales fell 1.5% in September after rising for 7 months. The trend estimate for the number of private sector houses rose 0.4% in September and has risen for 7 months.
VICTORIA
The trend estimate for total number of dwelling units approved in Victoria rose 1.2% in September and has risen for 9 months. The trend estimate for the number of private sector houses rose 0.8% in September and has risen for 6 months.
QUEENSLAND
The trend estimate for total number of dwelling units approved in Queensland was flat in September following a fall of 0.1% in the previous month. The trend estimate for the number of private sector houses fell 0.5% in September and has fallen for 3 months.
SOUTH AUSTRALIA
The trend estimate for total number of dwelling units approved in South Australia rose 0.2% in September after falling for 16 months. The trend estimate for the number of private sector houses rose 0.9% in September and has risen for 3 months.
WESTERN AUSTRALIA
The trend estimate for total number of dwelling units approved in Western Australia rose 4.3% in September and has risen for 5 months. The trend estimate for the number of private sector houses rose 3.0% in September and has risen for 3 months.
Basically, it’s WA’s supply shortage beginning to catch and Melbourne’s apartment boom that just won’t die.