October building consents for new dwellings up 10% from year ago; Trend shows seventh consecutive monthly increase, Stats NZ says

October building consents for new dwellings up 10% from year ago; Trend shows seventh consecutive monthly increase, Stats NZ says

Building consents for new dwellings rose 10.2% to 1,238 in October from a year ago, with most of the increase coming from Auckland consents, Statistics New Zealand says.

Excluding the volatile apartment category, consents for new dwellings rose 4.5% to 1,149 in October from October 2010.

The trend for building consents rose for the seventh consecutive month in October. Seasonally adjusted figures showing an 11.2% rise to 1,279 during the month from September. Excluding apartments, seasonally adjusted figures showed a 7.1% monthly rise to 1,123.

"New house approvals show a rising trend for seven consecutive months, following historically low levels," Stats NZ industry and labour statistics manager Louise Holmes-Oliver said.

"Seasonally adjusted numbers fell markedly in September but are up again in October."

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Maybe this story is too positive for this Blog? 

3 new houses currently being built on in-fill sections on our street.  Sections = $190+  house construction = $300k+ .   What were the owners thinking?  Don't they know imminent collapse is coming?   Are they moving forward with their lives with Hope and Optimism?  

And don't they know they're breaking the magical 3 x income for their house?  Guess their salaries or household income must be around $200k !  Then again that's not that astronomical these days....

"New house approvals show a rising trend for seven consecutive months, following historically low levels," Stats NZ industry and labour statistics manager Louise Holmes-Oliver said.

Looking at the graph of NZ Total building consents interest.co.nz provides, methinks Louise Holmes-Oliver is spinning through being selective in choosing her data set.

The trend for periods of the last 9 months or longer appears to be flat or declining. 

It's too expensive to build new - thats why prices for existing are increasing and will continue to do so.

Scan through the regions and the picture is grim....so Auckland has distorted the scene..building new involves being shafted by the govt for 15% plus the council thieving which has gst on top....the chch rebuild is months if not years away and will not involve as many private dwellings or commercial boxes. People are put off by the rorts scams and the 15% on top. The BBs who are lucky enough to come out of the insurance dance are more likely to be thankful of the chance to exit chch and to buy a used place south or north of the mess.

I repeat my pre election comments.....the govt needs to shift it's fat ........... and chop the gst on all building related costs, otherwise the bomb going off in europe will be the final nail in the building sector coffin down here. At the absolute least.....they should wipe all gst on all council charges and fees related to new builds.

Don't hold your breath.

 

Wolly: I assume you have been around long enough to know that Auckland is always the last to feel the effects of the falls in a recession and the first to rises when we start to come out of it. What is happening in Auckland now will follow through in the regions in about 3 to 4 years time. I've seen it happen time and time again.