Home building consents continue to rise
Sunday 29 February 2004
New dwelling consents rose to a seasonally adjusted 2954 in January, up 11.1 per cent from December, Statistics New Zealand (SNZ) said today.
By The LandlordOn an annual basis 30,191 new dwelling unit consents were issued, the highest total since 1977, SNZ said.
The monthly total compared with a revised 2658 consents issued in the December month, which was down a revised 9.4 per cent on the previous month.
SNZ removes seasonal variations but the series remains volatile partly because of the fluctuation in the number of new apartment consents issued, SNZ warned.
Before excluding seasonal variations, consents were issued for 2,385 new dwelling units for the month.
Consents were issued for 471 new apartment units, compared with 382 in December.
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It looks like the sleeping giant of New Zealand’s housing market could be stirring, with new REINZ data showing that both sales and prices in Auckland are up.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.