This article is from the Australian Property Journal archive
NEW Zealand building approvals have slump to a new seven year low in June 2008, according to the latest Statistics NZ figures.
The latest figures release comes as the Reserve Bank of NZ this month cut interest rate for the first time in five years from 8.25% to 8.00%.
According to Statistics NZ, 1362 new housing units were approved in June – the lowest monthly total since January 2001.
Overall, building consent show the number of new housing units has been declining since
June 2007.
In 15 of NZ’s 16 regions, fewer new housing units were authorised in June 2008 compared with June 2007, while Tasman authorised the same number.
Residential building consents issued in June 2008 were valued at $NZ455 million, down $NZ236 million from June 2007. This month’s total is the lowest since April 2006.
Meanwhile, non-residential building consents issued in June 2008 were valued at $NZ313 million, down $NZ69 million from June 2007.
For the year ended June 2008, the value of consents issued for residential buildings fell $NZ458 million, while non-residential buildings rose $NZ298 million.
Australian Property Journal
