NZ building consents static in May 30 Jun 2015
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NZ building consents static in May as Auckland intentions decline
By Suze Metherell
June 30
(BusinessDesk) - New Zealand building consents were
virtually static in May as dwindling demand in Auckland
offset increased construction intentions in other parts of
the country.
Seasonally adjusted consents for all dwelling types was little changed at 2,151 in May, from 2,150 in April, according to Statistics New Zealand. Housing consents rose 2.4 percent to 1,520, following a 1.8 percent decline in April.
On an unadjusted basis, new dwelling
consents rose 2.2 percent to 2,171 in May from the same
month a year earlier, though new housing consents dropped
5.8 percent to 1,587. Apartment consents retreated from a
seven-year high, falling 21 percent to 115 in May from the
year earlier. New consents for retirement village units rose
45 percent to 184, while permits for townhouses, flats and
units jumped 71 percent to 285.
New dwelling consents
in Auckland, New Zealand most populous city, fell for the
first time since January, down 29 percent in the month of
May to 651.
"A pullback in consents in Auckland was
offset by gains in the rest of the country," Westpac Banking
Corp economist Michael Gordon said in a note. "The main
driver of the Auckland figures was a drop in the multiples
category (apartments, townhouses and units). That's no real
cause for concern, as this category is quite volatile and
the April total was the second-highest in the last
decade."
Today's data shows consents fell on a monthly
basis in three out of the country's 16 regions, with Hawkes
Bay and Nelson declining, while consents on West Coast were
static. Wellington consents increased 25 percent to 150 last
month, while Canterbury consents rose 29 percent to 549.
The New Zealand building industry has been stretched
to keep up with demand in Canterbury, where the country's
second-largest city is recovering from a series of
devastating earthquakes, and in Auckland, where a shortage
of supply has pushed real estate prices to record levels and
seen a resurgence in new home builds.
"Notwithstanding the latest monthly figures, the
centre of gravity in the homebuilding industry is clearly
shifting from Canterbury to Auckland," Westpac's Gordon
said. "The residential side of the post-quake rebuild is now
well advanced, while Auckland still requires a further lift
in building activity to meet population growth."
On an annual basis, Auckland dwelling consents were up 6.5 percent in May compared to the same month a year earlier, while Canterbury dwelling consents declined 9.3 percent.
The value of residential building consents rose 3.3 percent in the month of May to $714 million, while on an annual basis it increased 13 percent to $8 billion
The value of non-residential building permits rose 32 percent to $486 million in the month of May. On an annual basis the value of non-residential building consents rose 22 percent to $5.4 billion.
(BusinessDesk)
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