This article is from the Australian Property Journal archive
NEW housing units approvals, excluding apartments, fell 5.3% in July, following a 1.1% rise in the previous month, according to Statistics New Zealand.
When the volatile apartment category was included, the number of new housing units authorised increased by 3.1%, following a 3.3% rise.
In July, consents were issued for 1,473 new housing units, including apartments; 1,270 new housing units, excluding apartments; and 203 new apartment units.
Business statistics manager Louise Holmes-Oliver said this is the highest monthly number of apartment units authorised for more than a year.
The value of consents issued for residential buildings rose $NZ48 million (11%) for July 2010 compared with July 2009. In contrast, the value for non-residential buildings fell $NZ78 million (21%).
However, Holmes-Oliver said consent values remain at low levels.
Reflecting long-term behaviour, the trend for the total number of new housing units authorised has been increasing since early 2009. However, the level is 49% lower than the peak in January 2004.
Excluding apartments, the trend appears to have reached a turning point and has fallen in recent months (following increases that began in April 2009).
Australian Property Journal
