The latest Statistics New Zealand research shows the number of residential buildings issued with consent in January rose, but only by less than 1%, if apartment consents aren’t counted.
If “volatile” apartments are counted, the grim statistics state that the total number of consents issued fell by 2.8%, with 1000 new homes and 42 apartments granted consent.
In December, the number of consents issued fell by 3.9%.
The value of residential building consents issued in January rose by 15% to $380 million, with a 31% increase to 244 units in Auckland, a 61% increase to 180 in Canterbury and 80% to 72 units in Northland.
Consents in other areas including Wellington, Marlborough, Otago and Gisborne fell.
Consents for commercial properties sank 39% to $223 million, the lowest seen since April 2006.
Consents for office buildings were down $68 million from the same time last year, while bar and restaurant consents fell $28 million. Social, cultural and religious building consents rose $10 million.
Comments and questions2
Don't hold your breath if you are waiting for prices to fall to make that property affordable. A drop in consents at a time when immigration to NZ is on the increase can only mean one thing - a shortage of homes. If we are to house an increasing population at affordable prices we need to encourage house production not stifle it. Our building bylaws & regulations must change to accommodate the emerging market of singles and couples looking for smaller homes at prices they can afford and which won't take a lifetime to repay.
sorry, but i disagree with immigration on the way up. Yes people are returning, but for foreigners it is now much much harder to get accepted - AND visas for foreigners are being rescinded if they get made redundant so people are leaving (although not necessarily through choice) and not arriving in such great numbers. Nationals are returning because of the job situation elsewhere and are generally returning to family - hence not needing to buy right away. All in all, this is not making a short term shortage of homes.
I definately agree about the first time buyer market comments and this will help fuel the rest of the market,
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