The trend result led to various reports of the building boom being over. Confusing? It certainly was, with the trend result evidently applying negative "tail weights" to the strong run of monthly approvals at the beginning of the year.
Below I have instead charted the original unadjusted data by month for houses and other dwellings - no seasonal adjustments and no trend weights, just a moving average whacked through the middle - so you can make your own mind up.
So, have building approvals peaked or not? In short, detached house approvals have probably peaked for the cycle. On the other hand townhouses, units and apartments may not quite yet have peaked, but given tighter lending criteria being applied for investors and waning rental yields, the peak of the cycle appears likely to be imminent.
Incredibly, the annual total number of attached dwelling approvals is approaching the number of houses approved, something that nobody was predicting three years ago.
Meanwhile Brisbane had another whopping month of high rise approvals, also sending its annual unit approvals to a new high of 18,301. This figure is up from an equivalent total of just 5,412 three years ago - again, think back to the commentary at the time, did anyone predict this surge in approvals or Chinese capital?
The Brisbane Central Business District is set to "benefit" from new high rise towers which will nudge against the city's 274 metre height limit, a restriction set for aviation regulations.
Whether or not all of these apartments are built, steer clear of the obvious areas of oversupply in Melbourne and Brisbane in particular, and be even more wary than usual about buying expensive off-the-plan or new build units.
High rise gluts power on