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


NZ building consents rise 0.1% in July, led by Auckland

NZ building consents rise 0.1% in July, as Canterbury consents slow and Auckland picks up

By Tina Morrison

Aug. 29 (BusinessDesk) - New Zealand building consents rose at a modest 0.1 percent pace in July, slower than the 3.5 percent pace in June, reflecting a drop in the number of consents issued in Canterbury and a pick up in Auckland.

The number of consents increased to a seasonally adjusted 2,105 in July, from 2,103 in June, Statistics New Zealand said. Excluding apartments, which can be volatile, seasonally adjusted July consents fell 2 percent, following a 3.1 percent gain in June, the agency said.

Auckland, the nation's largest city where a shortage of housing is pushing up prices, recorded the biggest jump in the month with a 54 percent surge to 849, which is 53 percent ahead of July last year. Meantime, the pace of issuance slowed in Canterbury, where the city is being rebuilt following a series of earthquakes, with consents slipping 2.2 percent to 609 from a high of 623 in June. Still, Canterbury consents were 20 percent ahead of July last year.

"Dwelling consent issuance held up at high levels in July, led by continued strong house-building demand in Auckland and Canterbury," Christina Leung, an economist at ASB Bank, said in a note. "Beyond the monthly volatility, dwelling consent issuance in these two regions remains on a clear upward trend. We continue to expect strong house-building demand in Auckland and Canterbury will drive construction growth over the next couple of years."

In Wellington, consents were almost unchanged from June at 119 from 118, and compared with 169 in July last year.

Excluding seasonal adjustments, the total number of residential consents for new dwellings in July rose 17 percent to 2,282 from the previous month and were 21 percent higher than July last year.

The value of all building consents issued in the month was a record $1.39 billion, including a record $876 million of residential consents and the second-highest ever value of non-residential work at $512 million, the statistics agency said.

"The continued increase in non-residential building consents in July is another positive development," said the ASB's Leung. "The increase in July was led by stronger demand for new office buildings and retail outlets. With businesses showing increasing optimism towards investment, we expect this will flow through to a continued improvement in commercial building demand over the coming year."


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news