Demand for retail properties surge in NZ
Thursday 4 November 2004
The total value of consents issued for non-residential buildings surged in September 2004, up 42% or $108 million to $366 million, according to Statistics New Zealand.
By The LandlordThe trend for the value of non-residential buildings has increased in most months since January 2003, with continuous growth since December 2003. In September 2004, the trend level was 36% higher than in December 2003.
Consents issued for shops, restaurants and taverns contributed 21% to the non-residential buildings total in September 2004, followed by consents for offices and administration buildings (15%), and for factories and industrial buildings (13%).
While consents for 2,291 new dwelling units were issued in September 2004, down 712 units (24%) compared to last year.
The trend for the number of new dwelling units has been declining since January 2004. For the year ended September 2004, consents for 31,464 new dwelling units were issued, up 1,325 (4%) from the year ended September 2003. This total is the largest recorded for a September year since 1974.
Read More - Opens in a new window
Commenting is closed
Those who were anticipating a Covid-prompted housing market collapse got it wrong with the latest REINZ data revealing strong growth in prices and sales.
Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.
Home lending soared to $6.5 billion in July during New Zealand's Covid-free period, reaching its highest level since November last year.