Consents trend continues cooling

New dwelling consents continue to increase across the country but the trend is starting to cool after sitting at a seven year high for much of the year

In October 2014, 261 more new dwellings were consented compared to the same last month year but the overall trend is continuing to decrease after being at its highest levels since August 2007.

Unadjusted, 2,152 new dwellings were consented in October, including 179 apartments. Excluding apartments, the seasonally adjusted number of consents issued increased by 13%.

While the trend is starting to decline, it is still 6% higher than this time last year, Statistics New Zealand business indicators manager Neil Kelly says.

In the regions

The number of dwelling consents was up in ten of the 16 regions compared to last October. Auckland (up 115 to 591; +24%), Canterbury (up 114 to 686; +20%) and the Bay of Plenty (up 30 to 120; +33%) had the largest increases. Gisborne, Otago, Marlborough, Northland, Taranaki, Tasman and Waikato were the other regions to consent more dwellings.

The regions to record decreases were Wellington (down 61 to 108; -36%), Nelson (down 9 to 16; -36%), Southland (down 8 to 16; -33%) and Manawatu-Wanganui (down 1 to 42; -2%). Both Hawke’s Bay and the West Coast remained unchanged from last October.

Value of consents remains high

The total value of building work consented in October was $1.3 billion – made up of $877 million of residential work and $456 million non-residential.

For the year ended October 2014, compared to the year ended October 2013, the value of all building consents increased 20% to $14.2 billion; the value of residential consents increased 24% to $9.3 billion; and non-residential consents increased 15% to $4.9 billion.

In October, the value of non-residential consents was $456 million. Auckland ($139m) and Canterbury ($121m) combined for 57% of the national total.

The seasonally adjusted number of new dwellings consented, including apartments, increased by 8.8% in October