Building activity picks up pace
Friday 30 November 2012
The number of new houses consented for in October was the highest of any month in more than four years, Statistics New Zealand said.
Consents were issued for 1639 new houses, a number not reached since May 2008. Consents were also issued for 168 new apartments.
Industry and labour statistics manager Blair Cardno said: “When we compare these figures with the same time last year, the number of new houses in October increased 32%.”
Westpac said increasing activity in residential and non-residential construction work was likely to account for an increasing share of GDP growth over the next year.
There was a 6% rise in building consents in Auckland for the month but consents fell in Canterbury.
Statistics New Zealand identified $25 million of quake-related residential consents in the month.
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House prices may start to taper off in the coming years as supply finally starts to meet demand - but no one should be holding out for a huge price correction.
Booming commercial property sector could offer alternatives to investors worried about what lies ahead for the residential property market.
The Reserve Bank says more official cash rate cuts are likely as it fights to get inflation into its target range.