Summarily then, April saw a five year high for house approvals, offset by a 15 per cent decline in units and apartments.
The value of detached housing jobs has picked up strongly, while the attached dwelling sector is firing on every cylinder it has, with the industry probably now approaching somewhere close to full capacity (skill shortages have already been noted in some areas).
On a rolling annual basis the value of residential building jobs has surged to $63 billion, more than 14 per cent higher than a year ago, and the highest level on record.
Approvals by capital city
Adelaide...? Well, Adelaide is kind of on life support.
On a rolling annual basis Brisbane has seen 14,335 unit approvals, which is comfortably greater than underlying demand.
In plain English, there will be more units built in Brisbane in the next few years than people who want to rent them, which will see rents decline in some inner suburban areas in particular.
In turn this implies that on average townhouses and houses will likely see stronger capital growth than generic apartments.
Ultimately property prices are a derivative of the underlying land value, and thus it will be the properties with high and rising land value content which perform better through this cycle in Brisbane.
More concerning, in the six months since November 2014 Melbourne unit approvals have accelerated to be tracking at an annualised pace of more than 35,000.
A clear oversupply of apartments will eventuate in Melbourne.
Rise of the high rise...or pie in the sky
While yesterday's data was overwhelmingly positive, I still believe that the sector is quite unbalanced, with far too many high rise style apartments being approved for construction.