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

 


NZ building consents slide 8.3% in January

NZ building consents slide 8.3% in January as apartment permits slip from records

Feb. 28 (BusinessDesk) - New Zealand building consents for residential housing dropped 8.3 percent in January as the number of new apartments and retirement units dwindled from records in November and December.

New dwelling consents, including apartments, fell to a seasonally adjusted 1,969 in January from 2,147 a month earlier, according to Statistics New Zealand. Excluding apartments and units, which are typically volatile from month to month, seasonally adjusted consents slipped 1.3 percent to 1,747.

Annual residential issuance rose 26 percent to an unadjusted 21,616 in the year ended Jan. 31 from the same period a year earlier. Of that, 19,112 new houses received consents, up 23 percent on the year and 2,504 apartments were consented, up 56 percent.

Auckland and Christchurch continued to drive new issuance, with the country’s two biggest cities experiencing bubbling property markets due to a lack of housing stock.

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.

Today’s figures show the value of non-residential building consents rose 29 percent to $289 million in January from a year earlier, and were up an annual 8.9 percent to $4.24 billion. The value of all building consents rose 26 percent to $930 million in January from a year earlier, and was up 20 percent to $12.27 billion.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news