Auckland Building Consents Rise by 11%

30 November 2011 - Which Way to Pay

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Auckland Building Consents Rise by 11%

Building consents across New Zealand bounced back last month, seeing a plethora of new construction intentions in the residential property market in Auckland. Increasing at a seasonally adjusted rate of 7.1%, the amount of new homes, excluding apartments, were up 1,123 in October.

When the volatile figures for apartments are included, there was an increase of 11% according to Statistics New Zealand. The gain seen across the country was hiked by a huge increase of 46% in the number of permits to build in Auckland.

The figures go some way to recovering from last month’s sharp decline in issuance and mark the seventh month in the year to see gains. However, total consents for residential building have fallen by 15% throughout the year to the end of October to 4,864, as well as a decline of 6% in the yearly value of new building to $3.75 billion.

Jane Turner, an economist for ASB, commented that the ‘pace of consent issuance is up slightly from lows recorded over the first half of 2011, but remains at extremely weak levels’ at the moment. She also said that next year we should expect to see ‘underlying demand for housing construction to increase, supported by tight housing supply, rising house prices, especially in Auckland, and low rates.’

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