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

 

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