Home building consents at 13-year high
New Zealand residential building consents climbed 11 per cent in November, reaching their highest level for a month in 13 years.
12 January 2018
New Zealand residential building consents climbed 11 per cent in November, reaching a 13-year high.
Seasonally adjusted new dwelling consents nationally rose to 2743 in November from 2477 in October, Statistics New Zealand said.
Of that, new house permits fell 1.3 per cent to 1694, dropping for a fourth month.
"November's rebound in home consents was driven by apartments, which tend to fluctuate a lot and were particularly low in October," construction statistics manager Melissa McKenzie said in a statement.
"Looking at the longer-term picture, building consents for apartments and townhouses have seen double-digit growth year after year, while consents for stand-alone houses have levelled off."
Quotable Value figures on Thursday showed New Zealand's property market cooled in 2017, with values rising at half the pace of 2016 as Reserve Bank-imposed lending restrictions, tougher credit criteria and political uncertainty saw activity shrink.
Auckland had been a major driver of much of the property market's strength in recent years, feeling the mismatch between supply and demand more acutely than other areas.
Friday's figures show permits in the country's biggest city rose to 1450 in November from 1118 in the same month a year earlier.
That's the second-highest number of Auckland permits ever and the most since October, 2002.
The data show 31,123 new dwellings were consented in the 12 months ended November 30, up from 30,399 a year earlier.
The value of those permits rose 7.7 per cent to $11.51 billion, slowing from the 24 per cent pace a year earlier.
New house permits shrank 0.8 per cent to 21,178 in the 12 month period, while apartments climbed 33 per cent to 3137 and retirement village units were also up by a third to 1969.
Permits for townhouses, flats and units rose 14 per cent to 4839.
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