Home approval numbers show ‘strong increases’

Friday 30 September 2011

The number of new dwellings authorised – including and excluding apartments – show “strong increases” in both July and August, according to the latest Statistics New Zealand (SNZ) figures.

By The Landlord

"Excluding apartments, the seasonally adjusted increase of 17% in August was boosted by 57 earthquake-related dwellings."

SNZ said that including apartments, the total number of home approvals rose 13%, boosted by 179 apartment units.

The latest rises in home approvals confirm the upswing seen over the last five months, with the ex-apartment consent numbers seeing small increases since February 2011 and including apartment figures rising since March 2011.

JPMorgan economist Helen Kevans said the numbers confirmed the upward trend since February's trough.

"Importantly, the strong increase occurred even after excluding the volatile apartment component," she said.

While the overall number of housing approvals remains at a low base, August is the first month for a year to see an  increase in the number of homes approved over the year earlier.

August 2011 saw consents issued for 1,509 new dwellings, including apartments, up 23%. There were 1,330 new dwelling consents, excluding apartments, up 11% and 179 new apartments, up 143 units boosted by 102 assisted-living retirement home units.

August 2011 saw the value of all residential building consents rise $10 million (2.1%) from August 2010 to $483 million.

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