Breathless house market no bubble say economists

Statistics New Zealand said yesterday that 2482 building permits for new dwellings were issued in May, up 3 per cent seasonally adjusted on April, and the highest total for any May since 1976.

The average floor area and value were higher than figures for the past year, probably explained by a smaller proportion of the consents being for apartments.

The statisticians estimate that the underlying building trend peaked last November, after a two-year climb, and has been declining steadily since then.

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