Building consents fall 0.4% after drop in apartments

New Zealand home-building consents fell last month as a drop in approvals for apartments offset gains for other types of dwellings. Auckland and Canterbury continued to account for more than half of all consents.

The number of consents fell 0.4 percent, seasonally adjusted, in January, after gaining 9.4 percent in December, according to Statistics New Zealand. Total consents were up 17.4 percent from the same month last year.

Home-building consents in Auckland jumped 60 percent to 372 in January from a year earlier, reflecting pent-up demand in a city where realty firms are struggling to attract enough listings. In Canterbury, consents fell by one to 378 from a year earlier.

The two regions made up 57 percent of the 1312 national total.

Excluding consents for apartments, which tend to be volatile from month to month, consents rose 9.6 percent, seasonally adjusted, in January. The value of dwelling consents was $517 million, up 34 percent from the same month last year.

The value of non-residential building consents fell 1.4 percent to $223 million in January from a year earlier.

Earthquake-related consents in Canterbury were valued at $60 million in January, of which $28 million was for residential buildings.

(BusinessDesk)

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