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Consents for New Houses Continue to Decline

Estimate of New Dwelling Units: February 2000

Consents for New Houses Continue to Decline

Statistics New Zealand estimates there were 1,607 new dwelling units authorised for construction in February 2000. This is the lowest February total since 1993.

In January there were 1,527 consents issued for new dwellings, the lowest total since October 1998. This was partly attributed to the closure of council offices over the Christmas and New Year period. The latest figure suggests that the decline in consents issued may be more long term, with uncertainty over rising interest rates and a general downturn in the real estate market being likely contributing factors.

The main contributor to the decline was Waitakere City which recorded 110 authorisations for new dwellings. This represents a fall of 92 when compared to the previous month and 117 when compared with February 1999.

The underlying trend for the number of new dwellings authorised fell by 5.2 per cent in February 2000, the seventh consecutive monthly fall. Prior to this, the underlying trend had risen for 11 months.

Ian Ewing

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