The number of building consents issued fell a seasonally adjusted 8.3 per cent in September from a month earlier, Statistics New Zealand (SNZ) figures published today show.
Consents were issued for 2032 new dwelling units last month, 20 per cent lower than the 2545 issued in
September 2006.
The main cause of the decrease was a 391 drop in apartment consents, down to 102.
Residential building consents issued in September were worth $613 million, 10 per cent lower than a year earlier, SNZ said.
Excluding apartments, the 1930 new dwelling units authorised in September were 122 or 5.9 per cent lower than September 2006.
Seasonally adjusted the fall in new units, excluding apartments, was 2.5 per cent in September, following a 0.8 per cent increase in August.
The trend for the number of new dwelling units authorised, both including and excluding apartments, has been slowing in recent months.
But SNZ said the latest change in direction should be treated with caution, with more data needed to confirm it.
Seasonally adjusted, the number of consents for new dwellings issued in September was the lowest since April.
The value of residential buildings has been trending down since July.
For the year ended September, 26,068 new dwelling unit consents were issued, down just 33 units or 0.1 per cent from the previous September year.
The total value of all consents issued for the year to September was $11.9 billion, up 6.6 per cent from a year earlier. The value of consents for residential buildings was up 9.2 per cent for the year to $7.79b.
Of 16 regions, 12 authorised fewer new housing units last month than in September 2006.
Non-residential building consents issued last month were worth $302m, down 8.8 per cent from September 2006.
- NZPA
