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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news