Housing consents at 28-year high
Despite continuing expectations of a slowdown, the latest housing consents figures showed them running at their highest level in March for any March month since 1976.
Saturday, May 1st 2004, 3:05PM
by Jenny Ruth
There were 3,037 consents worth $562.6 million issued in March, up from 2,529 worth $478.3 million in February and 19.7% more than the 2,537 consents worth $435.7 million issued in March last year.
The increase is all in the non-apartment area as the number of apartments approved fell slightly from 559 in February to 548 in March, although that was up on the 476 apartments approved in March last year.
The total value of consents including alterations and additions, and outbuildings reached $674 million in March, the highest total recorded since the series began in February 1973.
Statistics New Zealand says the trend in consents has been rising since April last year.
Nevertheless, in seasonally adjusted terms, consents fell 6.1% in March after a 1.4% decline in February, although January consents were up 12.7% on the same basis.
Ulf Schoefisch, chief economist at Deutsche Bank, says that smoothing month-to-month volatility, the March total was nearly the same as the monthly average over the last six months, "confirming our view that the residential construction sector has reached a plateau."
In the year ended March, consents were up 11% at 31,423 homes.
Ten of the 16 regions recorded more consents March compared with March 2003 while consents in Auckland accounted for 39% of the March total.
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