Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ building consents rise 11% in Nov, boosted by apartments

NZ home building consents rise 11% in November, boosted by apartment developments

Jan 9 (BusinessDesk) – New Zealand building consents issued by local councils for new homes rose 11 percent in November, boosted by apartment developments.

New dwelling consents, including apartments, rose to a seasonally adjusted 2,267 in November from 1,891 in October, according to Statistics New Zealand. Excluding apartments, seasonally adjusted consents fell 0.5 percent.

Last month, New Zealand’s Reserve Bank exempted new home building from its lending restrictions on low-equity mortgages introduced in October, on concern they could limit the supply of new houses that might reduce pressure coming from increased demand in Christchurch and Auckland.

“The November building consent issuance result is encouraging, indicating an improvement in house building demand,” Christina Leung, an economist at ASB Bank, said in a note. “Although the strong increase in dwelling consents in November was driven by an increase in apartment consent issuance, which is especially volatile from month to month, the upward trend in dwelling consent issuance is still encouraging.”

On an unadjusted basis, the number of new houses consented rose 1 percent to 1,775 from October. Consents for new apartments more than tripled to 492 from 133 in October, and recorded the highest monthly total since April 2008.

The number of new building consents issued in Auckland jumped 64 percent to 779, while consents in Christchurch slipped 3.9 percent to 269.

“The rebound in dwelling consent issuance in Auckland is particularly encouraging following softness over much of the second half of 2013,” said ASB’s Leung. “We expect the earthquake rebuild in Canterbury and stronger house-building demand in Auckland will drive construction growth over the coming years.”

The unadjusted value of non-residential building consents fell to $289 million in November from $443 million a month earlier.

The value of all building permits slipped 8 percent to $1.087 billion from October.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Testing And Decontamination: New Standard On Meth Residue

Standards New Zealand has today released NZS 8510:2017 Testing and decontamination of methamphetamine-contaminated properties ... More>>

ALSO:

Mince, Etc: US Food Poisoning Lawyer At Conference

As New Zealand chefs, food experts, and MPI debate what constitutes a cooked beef burger, leading US food safety litigator Bill Marler, who made his name prosecuting the burger company responsible for a major E. coli outbreak, is keynote speaker at the Food Integrity Conference. More>>

ALSO:

Petya: New Ransomware Campaign Hits Worldwide

A new ransomware campaign known as Petya is affecting computer networks using Microsoft Windows. It was first seen affecting systems in the Ukraine, but is quickly spreading across other computer networks in Europe. More>>

ALSO:

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO: