The ABS released their building approvals data today for January 2015. We see continued strong growth in unit approvals, though this does vary by state. The trend estimate for total dwellings approved rose 1.3% in January and has risen for eight months. The trend estimate for private sector houses approved was flat in January, whilst the trend estimate for private sector dwellings excluding houses rose 2.6% and has risen for eight months.
The value of residential building rose 2.9% and has risen for 10 months.
The state trends show variation, with a peak in units in NSW and some momentum in QLD. On house approvals, NSW, SA and WA all fell, offset by a rise in VIC and QLD.
