Residential Building Boom Continues
The number of new dwellings authorised in August 1999 was 2,490, the second highest monthly total recorded this year. This is the sixth consecutive month that the number of new dwellings has totalled over 2,000. Included in the total number of new dwellings was 464 apartment units, of which 290 were in Auckland. The value of consents for apartment units was $45.8 million, the highest total for apartments on record.
The total value of new dwellings was $355.4 million, the highest monthly total on record. Contributing to the high total for residential buildings were five consents for blocks of apartments of $5 million or over. The underlying trend for both the value and number of new dwellings has been showing strong positive movements for 12 months.
The value of consents issued for non-residential building projects in August was $194 million. This is the second highest total for non-residential consents this year, and is due to high totals being recorded for shops, restaurants and taverns, and offices and administration buildings. Non-residential building work has generally been in decline over the last 20 months, with only seven of the 20 months recording totals over $190 million and most others being under $170 million. It is too early to say whether the August total is a one-off, or if it is indicative of an upturn in non-residential building activity.
The total value of consents issued for all building work was $608.5 million, the highest monthly total since May 1997. The high totals in both residential and non-residential building work are the reason for this.