New Zealand August Building Permits Slip 1.0%

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The total number of building consents in New Zealand issued in August was down a seasonally adjusted 1.0 percent on month, Statistics New Zealand said on Friday – standing at 2,834.

That follows the upwardly revised 8.1 percent contraction in July (originally -10.5 percent).

Individually, there were 2,015 permits for houses; 515 for townhouses, flats, and units; 232 for apartments; and 72 for retirement village units.

Consents for all buildings (including alterations) were valued at NZ$1.7 billion in the month, comprising NZ$1.2 billion for residential buildings and NZ$534 million for non-residential buildings.

In the year ended August, 29,627 new dwellings were consented – up 14 percent on year.

“Consent values are the highest they’ve ever been. However, in terms of the numbers we’re still not building quite as many homes as we did around 2004, and are still well short of the building boom in the mid-1970s,” business indicators senior manager Neil Kelly said.

In Auckland, 9,851 new homes were consented over the August 2016 year, with an estimated value of $3.8 billion. This compares with a total of 8,615 new homes consented during the previous year.

All North Island regions had increases over the past year. The picture for the South Island was mixed, with a decrease in Canterbury as the residential rebuild starts to unwind, but an increase in Otago.

The material has been provided by InstaForex Company – www.instaforex.com

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