Building consent numbers still high

The number of new housing consents issued remained high in June, in apparent defiance of rising interest rates.

Tuesday, July 31st 2007, 12:00AM

by The Landlord

Figures just out from Statistics NZ show 2574 new units authorised last month; the highest number for at least two years and a 29% rise from the 1994 in June 2006.

Even excluding apartments, which hit an 18-month high of 561 last month, June 2007 still out-performed June 2006 by 2013 to 1802.

Last month’s number of new units, excluding apartments, was down on May’s 2212, but still higher than in six of the past 12 months.

The value of consents issued for all residential buildings was $692 million last month, compared with $564 million in June 2006.

The trend for the number of new housing units, including apartments, had been increasing since January, while that for the value of residential buildings has been increasing since last December, Statistics NZ said.

The value of consents for non-residential buildings was down $31 million last month, to $382 million, but Statistics NZ said the trend remained at a high level.

Overall, consents for all buildings issued last month were worth $1.07 billion, which was $97 million, or 10%, higher than June 2006.

For the year ended June 2007, the total value of consents issued for all buildings was $11.76 billion, up $780 million, or 7.1%, from the June 2006 year.

The value of consents for residential buildings during the year was $7.74 billion, up $856 million (12%), while the value of consents for non-residential buildings was $4.02 billion, down $76 million (1.8%).

Auckland was well ahead of any other region, with 696 consents last month, the highest number since last October and up from 479 in May.

Second was Canterbury with 381, down from 417 in May, while third was Waikato with 371 in June, up from 361.

In fourth place Wellington had a jump from 180 in May to 315 in June.

« Auckland property prices steady in July

Auckland house prices ease but rents rising »

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