NZ building consents fall 1.5 percent in October

Article – BusinessDesk

NZ building consents fall 1.5 percent in October; up
year on year

Nov. 30 (BusinessDesk) – New Zealand
building consents fell 1.5 percent in October, snapping four
monthly gains, with Canterbury and apartments underpinning
new permits and issuance up markedly on the previous
year.

The number of new dwellings consented fell to a
seasonally adjusted 1,519 in October from 1,543 a month
earlier, according to Statistics New Zealand. Stripping out
apartment issuance, which tends to vary from month to month,
new permits fell 2 percent to 1,315.

However, today’s
figures show new dwelling consents climbed 32 percent from
October 2011, with an 89 percent spike in the number of new
apartment permits issued. The value of residential consents
rose 29 percent to $593 million in October from the same
month a year earlier.

Building intentions have been on the
up in recent months as the Canterbury rebuild and bubbling
Auckland property market foster demand for new residential
housing, even as politicians make noises about improving
home affordability.

Canterbury residential building
consents rose 58 percent in the month from a year earlier,
with $25 million of future work recorded as earthquake
related. A further $26 million earmarked for commercial
construction work was also quake-related.

Since the
September 2010 quake, some 3,200 consents have been
identified, with a total value of $689 million, Statistics
NZ said.

The value of non-residential building consents
jumped 42 percent to $392 million from October 2011, led by
consents for storage buildings, office and administration
buildings and hotels and boarding houses.

The value of
commercial consents rose an annual 5.2 percent to $3.89
billion, while residential consents jumped 24 percent to $6
billion.

(BusinessDesk

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