Housing approvals rose in July, after adjusting for seasonal effects, Statistics New Zealand says.
Main centre approvals were much stronger than in the regions - fully two thirds of the rise from June were for approvals in Auckland and Wellington.
Excluding apartment numbers, which tend to vary a lot each month, the number of new homes given building consents rose more than 6% from June. Including apartments gives a rise of 13%.
"The latest increase, excluding apartments, is enough to confirm a positive swing in the longer-term trend," industry and labour statistics manager Kathy Connolly said. "This now indicates that February was the low point in the number of homes being approved."
"The picture is similar when apartments are included, but one more month of strong data will be required to confirm that these numbers have also turned," added Ms Connolly.
In July approvals for apartments were comparatively high. Of the 168 approved, 111 were assisted-living apartments.
In Canterbury, earthquake-related building consents totalled NZ$32 million in July 2011, compared with NZ$14 million in June and NZ$28 million in May. The July consents comprise NZ$26 million for non-residential work and NZ$6 million for residential work, including 36 new homes, of which 28 are relocatable units intended to house displaced residents.
Comparing July 2011 with the same month a year earlier, residential consent values fell 14% to NZ$420 million, non-residential consent values rose 17% to NZ$343 million (led by a NZ$105 million consent for work on Middlemore Hospital in Auckland), and all building consent values fell 2.6% to NZ$763 million.
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6 Comments
Wave 5 arrives! "Auckland suburbs have claimed the top five places for increases in property prices, with Otahuhu perched in the number one spot, driven by first home buyers keen to get a foot in the door.Figures released by Quotable Value New Zealand show property values in Otahuhu have jumped nearly 10 percent in the past year, followed by Point Chevalier in Auckland with an eight percent increase.....".
Having now progressed through Wave 4 "Wave four is typically clearly corrective. Prices may meander sideways for an extended period... fourth waves are often frustrating because of their lack of progress in the larger trend." we have finally come to Wave 5 " Wave five is the final leg in the direction of the dominant trend. The news is ... positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower... and many momentum indicators start to show divergences (prices reach a new high but the indicators ( volumes) do not reach a new peak)."
I don't think liveable equals popular.
When was the last time a bunch of economists knew what they were talking about? Plus, I don't think their research takes into account housing affordability or lack of.
Only a week ago Auckland was listed as the 24th most expensive city.
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