Residential slowdown leads building slump
Wednesday 6 June 2012
A decline in residential activity led a 0.4 per cent drop in building work in the March 2012 quarter, Statistics New Zealand has revealed.
By Benn Bathgate
The March quarter fall follows an increase of 2.8 per cent in the December 2011 quarter.
"The overall decrease in the March 2012 quarter was due to a fall in residential work, which more than offset a rise in non-residential work," said industry and labour statistics manager Blair Cardno.
"Building activity in Canterbury showed signs of picking up after the earthquakes, particularly for non-residential building work. However, overall building activity decreased in the rest of New Zealand."
Statistics NZ said the trend for overall building activity continued to rise from the 10-year low point of the September 2011 quarter.
The trend for residential building activity has risen slightly from an 18-year low point, while the trend for non-residential building activity shows a moderate rise after falling for most of 2011.
Commenting is closed
Every Auckland suburb now has an average asking price over $500,000 but the rate of growth in particular suburbs has been astronomical, new Trade Me Property data shows.
Attracting and retaining tenants is critical for success in commercial property investment, so we talked to a few industry veterans for advice on how to make a property appeal to tenants.
Interest rate movements mean that this time round the post-LVR cooling of the property market is different, ANZ economists say.