Economists think building boom will last
Friday 9 January 2004
The building industry had a bumper month in November and economists are predicting it will continue in to 2004.
By The LandlordStatistics New Zealand today confirmed the 3032 consents for new dwellings issued in November easily trumped the 2399 for October and 2342 for September.
Residential buildings accounted for 70 per cent of the $861 million worth of consents issued in November.
The number of consents issued in November was the greatest for that month since 1973, Statistics NZ said in a statement
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.