Home consents see ‘large decrease’ in September but trend still rising

Monday 31 October 2011

The number of new homes authorised in September fell a seasonally adjusted 17% - though the trend continues to rise after dropping to some of the lowest levels since records began.

By The Landlord

Statistics New Zealand reported that in September, seasonally adjusted figures fell 17%, including apartments, and fell 14% with apartments excluded.

"The large decrease in seasonally adjusted figures for new home approvals in September partly reflects the strength of the increases in the previous two months," said industry and labour statistics manager Louise Holmes-Oliver.

"While monthly figures have decreased, the trend for new home approvals continues to rise."

In September 2011 compared with a year earlier consents were issued for 1,246 new homes (including apartments), down 1.3%. Excluding apartments, 1,124 consents were issued, down 6.5% and 122 new apartments, including 79 assisted living units, were authorised.

Residential consent values totalled $398 million in September 2011, down 12% compared with the same month last year, while non-residential consents totalled $320 million, down 13%. Consent values for all buildings totalled $717 million, down 12%.

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