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Declining trend in building consents

Building consents have fallen nationwide – except for in Auckland.

Friday, May 29th 2015, 3:26PM

by Miriam Bell

The latest Statistics NZ data shows that 2,112 new dwellings were consented in April, which is up 1.4% from April last year.

But, once seasonally adjusted, the number of consents fell 1.7% in April, following a 10% rise in March.

Further, when it comes to houses, the seasonally adjusted number of consents fell 2.7% in April, following a 7.2% rise in March.

Statistics NZ business indicators manager Neil Kelly said the overall dwelling consent trend is easing, while the house consent trend has now been decreasing for 13 months.

Despite this, both trends were well up on the low points they hit in March 2011, he said.

The Auckland region led the way with 912 new dwelling consents, which was an increase of 215 from March.

It is the third month in a row that Auckland has recorded a rise in consents, which could bode well for the city’s ongoing supply issue.

In a sign of the times, consents were issued for 467 apartments in April – which is a seven-year high.

Almost all of these apartments will be built in Auckland, Kelly said.

“Consented apartment numbers often fluctuate, but have returned to historical average levels in the last couple of years, following four low years.”

Meanwhile, nine other regions consented fewer new dwellings in April 2015 than in April 2014.

Notably, Canterbury issued 127 fewer consents than in March, which left with a 22-month low of 427.

Westpac senior economist Michael Gordon said the data showed that the centre of activity in housing construction has clearly shifted.

“The number of consents in Auckland rose to its highest in nearly ten years, with multiples (apartments and townhouses) accounting for almost half of the total.

“In contrast, the pace of new consents continued to slow in Canterbury, with the residential side of the quake rebuild now well advanced.”

The total number of dwelling consents has flattened out in the last year, and remains below the monthly peak reached last November, Gordon said.

“This is consistent with our view that the building industry is facing capacity constraints at the national level.”

*Consents for all buildings totalled $1.2 billion in April, with $757 million for residential buildings and $419 million for non-residential buildings.

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 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 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime - - - -
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 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 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.35 4.04 4.02 4.39

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