Building consent decline continues
The residential building sector is continuing to cool, with official figures showing a 15% fall in consents for new houses and apartments in July compared with last year.
Thursday, September 1st 2005, 10:16AM
Month-on-month residential consents were down 7 per cent in July compared with June.
Statistics New Zealand (SNZ) says consents for 1,992 new dwelling units were issued in July 2005, which is 362 (15%) fewer than in July 2004. The trend for the number of new dwelling units continues to decline and is now 17% lower than at the December 2004 high point.
Apartment units account for 19% of all new dwelling units in July 2005, compared with 11% in June 2005 and 6% in May 2005.
For residential buildings, the total value of consents issued in July 2005 is $493 million, which is $74 million (13%) lower than in the previous July. The trend for the value of residential buildings continues to fall from the January 2005 high point, SNZ says.
For non-residential buildings, the total value of consents issued in July 2005 is $263 million, which is $75 million (22%) lower than in the previous July. The main contributor to the July 2005 value, at $56 million, is shops, restaurants and taverns. The trend for the value of non-residential buildings has been falling for the last nine months, following growth during most of 2003 and 2004.
For the year ended July 2005, the value of consents for all buildings totalled $10,689 million, up $513 million (5%) from the previous July year.
Consents for residential buildings fell $313 million, while consents for non-residential buildings increased $826 million.
Residential buildings accounted for 63% of all building consent values in the July 2005 year, compared with 69% in the previous July year.
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