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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news