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

 


NZ home building consents rise 7.6% in December

NZ home building consents rise 7.6% in December, taking annual pace to six-year high

Jan. 30 (BusinessDesk) - New Zealand building consents for residential housing rose 7.6 percent in December, taking the annual level of new permits issued by local councils to a six-year high.

New dwelling consents, including apartments, rose to a seasonally adjusted 2,169 in December from 2,016 a month earlier, according to Statistics New Zealand. Excluding apartments and retirement village units, which are typically volatile from month to month, seasonally adjusted consents climbed 11 percent to 1,762, the highest level since February 2008.

Annual residential issuance rose 30 percent to an unadjusted 21,300 in 2013 from a year earlier, the most since 2007 when 25,590 permits were issued. Of that, 18,892 new houses received consents, up 25 percent on the year, and 2,408 new apartments were consented, a gain of 38 percent.

The annual gain in new dwelling consents was driven by increases in Auckland and Christchurch, the country’s two biggest cities, whose property markets have been bubbling away due to a lack of housing stock.

“The construction sector ended 2013 on a high note, with residential building consents much stronger than expected in December,” Westpac Banking Corp senior economist Michael Gordon said in a note. “The Canterbury rebuild continues to dominate the totals, but the re-emergence of the Auckland apartment market is a notable recent trend.”

Rising property prices, particularly in Auckland and Christchurch, became a headache for the Reserve Bank last year, which was loathe to lift interest rates in response for fear of fuelling demand for an already elevated currency. Instead, the central bank imposed restrictions in October on the level of low-equity mortgage lending banks could undertake as a means to reduce the level of riskier loans.

Reserve Bank governor Graeme Wheeler today said “there appears to have been some moderation in the housing market in recent months,” in his statement holding the official cash rate unchanged at 2.5 percent.

Today’s figures show a 12 percent increase in the value of non-residential building consents issued to $379 million in December from the same month a year earlier, for an annual increase of 6.9 percent to $4.18 billion.

The value of all building permits climbed 29 percent to $1.07 billion in December, for an annual increase of 20 percent to $12.08 billion.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news