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Most regions recorded double digit growth in new dwelling consents in year to February, Statistics NZ says

Most regions recorded double digit growth in new dwelling consents in year to February, Statistics NZ says

A total of 37,882 new dwellings were consented throughout the country in the 12 months to the end of February, the highest number in 45 years according to Statistics New Zealand.

That was up 10.6% on the previous 12 months, with townhouses and home units showing a 31.1% increase, followed by apartments up 9.4%, stand alone houses up 5.1% and retirement village units up 4.5%.

However stand alone houses remain the most popular type of accommodation, with 22,508 consented in the 12 months to February, followed by 8670 townhouses and units, 4451 apartments and 2253 retirement village units.

The total value of construction work on new dwellings consented in the 12 months to February was $13.929 billion, up 10.8% on the previous 12 months.

Most regions posted double digit growth in the number of dwellings consented in the 12 months to February compared to the previous 12 months, led by Hawke's Bay up 47.3%, followed by Nelson up 43% and  Southland up 41.2%.

In the main centres growth was strongest in Wellington up 20.7%, followed by Otago up 16.8%, Canterbury up 12.4% and Auckland up 7.3%.

The only regions to post declines in the number of new dwelling consents issued in the 12 months to February compared to the previous 12 months were Northland where they dropped by 5.7%, which was third year in a row they have declined, and Manawatu/Whanganui where they were down 5.1%.

New consents were also weak in Bay of Plenty with annual growth of just 1.2%, following two consecutive years of declines.

In the month of February 3285 new dwellings were consented, up 6.0% on February last year (see the chart below for the monthly consents figures in all regions going back to February 2000).

However while residential building consents continue to grow strongly, consents for commercial and other non-residential buildings were barely in positive territory, with consents for many types of buildings down on a year earlier.

The total value of non-residential building consents (new buildings and structural alterations to existing buildings) was $7.343 billion in the 12 months to February, up just 2.3% compared to the previous 12 months.

The only types of non-residential buidlings to post increases in the value of consents issued in the 12 months to February were hostels, boarding houses and prisons +90.0%, hotels/motels +31.3%, hospitals and nursing homes +43.7%, and offices +8.4%.

All other types of non-residential buildings posted declines, led by farm buildings -13.9%, retail premises -12.4%, warehouses and storage buildings -12.0%, social and cultural buildings -6.9%, educational buildings -6.1% and factories/industrial buildings -2.1%.

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Building consents - residential

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21 Comments

Please, re-run this stat monthly..on this about to end March 2020, April, May.. onward.

Just what you need prior to an economic shock/pandemic. How many consents within that 12 month period have translated into finished (or half finished) stock?

10
up

This will be interesting when combined with no immigration, rising unemployment and tourism disappearing.

Migration and tourism can't resume until the virus dies down or we vaccinate our entire population.
I heard an economist mention a renewed focus on self-sufficiency being the economic driver in the future state - how we wish we would've spent a little more money and effort on things that mattered - infrastructure, R&D initiatives, building redundancies etc.

Good to see the stimulus ready to kick in when the lockdown lifts, we don't want a repeat of the post gfc construction wipeout. Looking at BOP figures, whats caused that slump? Overbuilt? No more useable land? Congestion putting people off living there?

I've had zero requests for information from my local council for almost two weeks. I'll be interested in seeing how long it takes before they start communicating with the outside world again.

And so it begins in Queenstown...."Vendor wants immediate sale"

https://www.trademe.co.nz/property/residential-property-for-sale/auction...

offered for rent out on Airbnb for about 465 / night

1) 1x3 BDRM at 318 / night
2) 1x2 BDRM at 145 / night

I'd be contacting them directly and offering half that

Beautifully timed. All the cluster^%&#!& chickens coming home to roost at the same time.

All of these consents would be based on business as usual ie prices rising, underpinned by having already paid too much for the land etc.

Plus if they represent off the plans sales, then the purchaser will be locked into settling at the signed up price regardless if the price has dropped.

Those with cash will wait for the mortgagee sales to enable them to be purchased at their true value, but in many cases, this would also mean the banks will have to sell at a loss, and if enough people are in that position then the Govt. will have to step in a buy these off the bank to move the loss sideways.

The over-inflated value of housing is our last store of imaginary wealth left and underpins the banks.

I expect Govt. and banks to try and do everything possible to not allow the losses to be realized, as until it is sold, then the loss of this 'imaginary' money is not 'real.'

More people to be hit by affer effects of corina virus just like people who bought shares when market was at top just a month ago.

Hopefully all those who became first time builder or over ambitious (Streched much above their capacity) have deep pockets to survive and do not land up with distress sell at loss (As their costing will shoot up due to projects being delayed and expected sell price in future will go down and that is if have enough cash flow and survive to hold till market changes again)

Most out of 37882 will be disapointed with all article, views and news that is being published on the same website :

https://www.interest.co.nz/news/104344/anz-business-outlook-march-makes-...

https://www.interest.co.nz/business/104322/bnzs-head-research-stephen-to...

https://www.interest.co.nz/property/104321/westpac-economists-say-after-...

New norm for sometime to come.

If cash rich new business owners turned builders who can hold for long should be fine again confirming the saying : Stretch your leg according to your coverlet.

What happened to the unusual upbeat “everything will be fine” property spruikers on here?

This part of the story is about people's dreams. Grand plans. Grand designs even.
PS: Have you noticed how quiet the spruikers have become? They'll be hoping for the market to go sideways, or maybe level off, or settling down perhaps. Even I would settle for that. But....

So many of those consents won’t go forward.

PS: And you're right about Tauranga/BoP. They place is saturated with humanity. Most of them drive all over the place as well. Live that far way & work over there (in the opposite direction). F........g stupidity. We're as bad as Auckland.

Tauranga is another place I pick a big price fall,15-20%

At least. Tauranga will be hit hard, so much of the work force relies on construction which will be decimated. A number of local businesses were also struggling prior to this event.

It's quite a flimsy economy there. Yes quite strongly construction reliant.

Yes, but don't worry, just grab one of those high paying jobs in kiwifruit, you'll make heaps!

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Days to the General Election: 37
See Party Policies here. Party Lists here.