The number of new dwellings approved in New Zealand rose 12.4 per cent in June, continuing to rebound after hitting a three-year low in April, Statistics New Zealand said today.
A seasonally adjusted 2,166 new dwellings were authorised last month, SNZ said. The agency revised new approvals for May to
1,926 units, from the previous 1,916 units.
Consents hit a nine-month high in March as builders rushed in to beat law changes and higher fees, which came into effect on April 1. Approvals in April fell to their lowest level since January 2002.
The dwelling consents series is volatile because of fluctuations in the number issued for new apartments, which accounted for 11 per cent of June's new consents, nearly double the rate in May.
Excluding new apartment units, the number of seasonally adjusted new dwelling consents was up 4.7 per cent on the previous month, but 24 per cent lower than the same month a year ago.
In the year ended June 30, there were 27,444 new dwelling unit consents issued, down 17 per cent on the previous June year.
The total value of consents issued in June for all residential buildings, including alterations and additions, was NZ$527 million ($359 million), down 2 per cent on the previous month, and 22 per cent lower than the same month a year ago. Residential buildings made up 56 per cent of the value of all consents issued for the month, compared with 67 per cent a year earlier.
The value of consents issued for non-residential buildings was $406 million, up 21 per cent on the same month a year ago. The largest contributors were new prisons, offices, and factories and industrial buildings.
The total annual value of consents for all buildings in the year ended June 30 was $10.84 billion, up 7 per cent on a year earlier.
- REUTERS
