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Building approvals fall to record low

New Zealand home-building approvals to a record low last month amid evidence of a prolonged recession which is driving up the jobless rate and eroding household incomes.

Friday, November 28th 2008, 12:27PM

by The Landlord

Building approvals fell 22% seasonally adjusted in October from the previous month, when they dropped 11.1%, according to Statistics New Zealand. Some 1,121 permits were issued last month, the lowest since the statistician began tracking them in 1982.
     
“Given the usual lags we expect building activity to plunge in the new year, which is likely to be accompanied by significant job losses in the related sectors,” said Shamubeel Eaqub, economist at Goldman Sachs JBWere. “Accumulating evidence of a deepening recession further intensifies the need for urgent monetary policy relief.”

     
Eaqub is predicting the central bank will cut the official cash rate 150 basis points to 5% next week. Economists are divided on whether Governor Alan Bollard cuts by 100 or 150 basis points, according to Reuters. New Zealand has led the world in its contraction, beating recessions in the major economies by at least two quarters.
       
The decline was exacerbated by a slump in apartment permits, with just 50 issued last month, an eight-year low. Excluding apartments, approvals fell about 7%.

(www.businesswire.co.nz)
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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

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