Residential Consent Values Remain High

Embargoed until 10:45am – 29 September 2006

Residential Consent Values Remain High

The value of consents issued for residential buildings in August 2006 was $694 million, 9.7 percent higher than in August 2005, Statistics New Zealand said today. The trend for the value of residential buildings has been increasing since March 2006.

Consents for 2,171 new housing units, excluding apartment units, were issued in August 2006, 145 more than in August 2005. The trend for the number of new housing units, excluding apartments, has been increasing since April 2006.

There were 266 apartment unit consents issued in August 2006, compared with 257 in July and 81 in June.

Apartments accounted for 11 percent of all new housing units authorised in August 2006, compared with a monthly average of 13 percent for the 12 months prior to August 2006.

Eleven of 16 regions authorised more new housing units in August 2006 than in August 2005. The Bay of Plenty recorded the largest increase when comparing the two August months, followed by Wellington and Otago. In August 2006, the Bay of Plenty recorded its second highest monthly number of new housing units since this series began in 1998.

The value of consents issued for non-residential buildings in August 2006 was $362 million, 6.5 percent lower than for the same month last year. Shops, restaurants and taverns showed the largest decrease, while storage buildings showed the largest increase.

Geoff Bascand
Acting Government Statistician

ENDS

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