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Dwelling consents pass $10 billion


Dwelling consents pass $10 billion

30 September 2016

The annual value of building consents for new homes has reached $10 billion for the first time, Statistics New Zealand said today.

In the 12 months to August 2016, 29,627 new homes were consented, with a total estimated value of just over $10 billion. The number increased 14 percent from the August 2015 year, while the value increased 24 percent.

“Consent values are the highest they’ve ever been. However, in terms of the numbers we’re still not building quite as many homes as we did around 2004, and are still well short of the building boom in the mid-1970s,” business indicators senior manager Neil Kelly said.

In Auckland, 9,851 new homes were consented over the August 2016 year, with an estimated value of $3.8 billion. This compares with a total of 8,615 new homes consented during the previous year.

All North Island regions had increases over the past year. The picture for the South Island was mixed, with a decrease in Canterbury as the residential rebuild starts to unwind, but an increase in Otago.

Monthly number of homes consented reaches 11-year high

In August 2016, 2,834 new homes were consented – an 11-year high, and an increase of 24 percent from August last year. However, in seasonally adjusted terms, the number fell 1.0 percent from July 2016.

Consents for new dwellings were valued at just over $1 billion in August 2016 – for the first time ever.

Consents for all buildings (including alterations) were valued at $1.7 billion in the month, comprising $1.2 billion for residential buildings and $534 million for non-residential buildings.

For more information about these statistics:

• Visit Building Consents Issued: August 2016

ends

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