February housing consents at 30-year high

Friday 2 April 2004

The latest housing consents figures for February were at their highest level for this month in 30 years, belying expectations the housing market is cooling.

By The Landlord

The figures show 2,529 consents for new dwellings worth $478.3 million were issued in February, a 0.7% increase from January in seasonally adjusted terms. This was on top of the 12.1% (revised upwards from 11.1%) increase in January.

The February consents were 40.7% higher than the 1,797 consents worth $330.4 million issued in February last year.

Consents for the year ended February were up 11% to 30,923, the highest number recorded for a year ended February since 1976.

Deutsche Bank senior economist Darren Gibbs says the February figures are much stronger than expected. "A continued high level of apartment consents was the main surprise. Excluding apartments, we estimate that ‘single-unit’ dwellings recorded a 2.5% month-on-month decline."

Read More - Opens in a new window
Commenting is closed

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

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.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer