Positive signs for the housing market
Residential building consents jumped in November to their highest level in two years, providing further evidence of a buoyant housing market.
Tuesday, January 8th 2002, 7:32AM
by Jenny Ruth
Statistics New Zealand reports 2,148 new dwelling units worth $298.4 million were authorised in November. That's up from 1,931 worth $299.8 million approved in October and 1,700 worth $248.8 million approved in November last year.
The last month in which more approvals were granted was November 1999 when 2,182 dwelling units worth $301 million were approved.
The government statistician says the trend in the number of new dwellings has been increasing since January 2001.
Consent numbers rose in November in nine of the 16 regions Statistics New Zealand measures compared with November 2000. The 1,038 new dwelling units approved in the Auckland region was the highest number since May 1999.
The number of apartments approved jumped sharply from 253 worth $21.8 million in October to 501 worth $31.2 million in November. That's the highest number of apartments approved since July 1999.
Nevertheless, the annual totals show activity is still in catch-up mode.
In the year ended November, there were 20,327 new dwellings worth $3.05 billion approved, up from 20,779 worth $2.98 billion in the previous year. In November 1999, there were 26,146 new dwellings worth $3.52 billion approved.
| « Mortgage borrowing surged in November | Mortgage calculators tested » |
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