New Zealand residential building consents fell 4.1 per cent in June as construction intentions in Canterbury tapered off, with the region's housing rebuild nearing a plateau.
Seasonally adjusted consents for all dwelling types dropped to 2,058 in June from 2,146 in May, according to Statistics New Zealand. New house consents declined 0.4 per cent to 1,519.
On an adjusted basis, dwelling consents rose 7.9 per cent to 2,042 from the same month a year earlier, as intentions to build new retirement units, townhouses, offset a drop in plans for new apartments. New housing consents increased 0.8 per cent to 1,502. Canterbury consents fell to 544 from 623 a year earlier, while Auckland permits rose to 704 from 599.
"Auckland residential consents issuance continued to grind higher on a trend basis," said ASB Bank economist Jane Turner. "But it is still below levels required to provide meaningful improvement of Auckland's housing under supply. Over the next year, we expect to see an increase in apartment and townhouse consents to drive a further lift in consent issuance, as high land prices encourage denser housing solutions.
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