Apartments Hit Record High
In July 1999, 2,528 new dwellings were authorised for construction, including 548 apartment units.
This is the highest number of new dwellings since September 1997 and the highest monthly total for apartments on record. Central city apartment dwelling has become a popular option for many with its close proximity to work, amenities and city night life.
The total number of apartment units for the year ended July 1999 was 3,553. This is 14.5 per cent higher than for the year ended July 1998. In 1996 apartment units made up only 5 per cent of the total dwellings, while in 1999 this number had risen to 15 per cent. A substantial number of the new apartment units were in Auckland and may be partially attributable to anticipated higher demand for accommodation during events such as APEC, the Americas Cup and the Sydney 2000 Olympics. In July 1999, 299 of the total 548 units authorised were in Auckland.
The total value of residential building authorisations in July 1999 was $380.5 million, including alterations, additions and outbuildings. Throughout 1998 most monthly totals were below $300 million, while 1999 has seen most monthly totals significantly higher than $300 million, indicating continued strong growth in investment in residential buildings.
The total value of
non-residential building consents issued in July 1999 was
$145.6 million, the lowest monthly total since February
1997. The upturn in the residential building industry
evident since September 1998, has not been matched by an
upturn in the non-residential building industry, which has
been in decline for 19 months now.