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


NZ building consents flatline in August

NZ building consents flatline in August

By Suze Metherell

Sept. 30 (BusinessDesk) - New Zealand building consents held steady in August from a month earlier, underpinned by approvals for apartments and retirement village units.

The number of seasonally adjusted consents was flat at 2,104 in August, the same reading as in July, which recorded a 1.7 percent drop from the previous month, Statistics New Zealand said. Excluding apartments, which can be volatile, consents dropped 1.6 percent to a seasonally adjusted 1,794 in August, following a 2.3 percent drop in July.

"Residential building consents were flat in August, slightly better than our assumption of a 1 percent decline, but with more of a skew towards apartment units, which includes retirement units, than we expected," Michael Gordon, senior economist at Westpac Banking Corp, said in a note. "Indeed, it's clear that the apartments segment of the market has become a major growth area again in the last year."

Auckland, New Zealand's largest city where a housing shortage is pushing up prices, made up a third of dwelling consents in August. The number of consents, on an unadjusted basis, fell 23 percent in the month to 656. On a yearly basis, consents were 30 percent higher than in August 2013, of which three quarters were apartment consents.

Meantime, the pace of consents slowed in Canterbury for a second consecutive month. The country's second-largest city is being rebuilt after the 2010 and 2011 earthquakes and consents slipped 17 percent to 540 in August, extended a fall from a high of 623 in June. Still, Canterbury consents were 16 percent ahead of August last year.

Combined Auckland and Canterbury consents account for 59 percent of New Zealand's building activity.

In Wellington, consents were almost unchanged from July at 118 from 119, and compared with 113 in July last year.

Excluding seasonal adjustments, the total number of residential consents for new dwellings in August fell 11 percent to 2,022 from the previous month and were 16 percent higher than August last year.

The value of all building consents issued in the month was $1.19 billion, including $753 million of residential consents and $433 of non-residential work, the statistics agency said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>

BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>

Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>