Consents for building new homes reached a six-year high in the year to the end of September, but the figures were showing signs of slowing, the government statistics agency announced Friday.
The number of building consents issued across the country rose 22 percent to 24,046 in the September year, but the 1,985 new home consents in the month of September was down 12 percent year on year, according to Statistics New Zealand.
"The trend for new dwellings was previously at its highest level since August 2007. While it's now easing, the trend is still about 10 percent higher than at the same time last year," business indicators manager Neil Kelly said in a statement.
Almost 1.3 billion NZ dollars (1.01 billion U.S. dollars) of building work was consented in September, including 778 million NZ dollars (608.86 million U.S. dollars) of residential work.
Building and Housing Minister Nick Smith said the strong annual growth figures showed progress in addressing the country's housing supply and affordability problems, particularly in the two most populous cities of Auckland and Christchurch.
The rate of building consents in Auckland was at an eight-year high, and up 30 percent year on year, while the figure in Christchurch was at up 97 percent to an all-time 12-month record, Smith said in a statement.
On Thursday, a report from the government's New Zealand Building and Construction Productivity Partnership said the value of all building and construction was forecast to reach unprecedented levels over the next three years, with a sustained rate of growth that had not been seen in 40 years.
The report anticipated building activity to rise by at least 10 percent every year to 2017, totaling a construction boom worth 100 billion NZ dollars (78.24 billion U.S. dollars) over the next three years.
GMT 12:56 2018 Friday ,05 January
London house prices in first annual fall since 2009GMT 10:30 2018 Thursday ,04 January
SPNB Wants To Build 15,000 Affordable Homes NationwideGMT 11:42 2017 Tuesday ,19 December
German real estate giant to swallow rival in $6bn dealGMT 05:38 2017 Friday ,08 December
World's biggest sovereign fund enters Asian property marketGMT 15:45 2017 Thursday ,07 December
US private sector hiring slows in NovemberGMT 11:36 2017 Wednesday ,06 December
Sahalah FM Brings 360 Building Services to The KingdomGMT 13:18 2017 Tuesday ,28 November
US new home sales rise to 10-year highGMT 08:05 2017 Monday ,13 November
Southern housing plans discussedMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©