New building consents at $2bn for March

Strong results despite slight dip following February rebound

A total of 2,779 new dwellings were consented in March, including 1,923 houses and 252 apartments. Although that was the highest number of new dwellings consented in a March month since 2007, seasonally adjusted the number fell 1.8% following a 17% rise in February.*

For houses only, the seasonally adjusted number fell 5.2% following a 14% increase in February. The trend for the number of new dwellings consented is showing signs of increasing after falling off at the end of last year.

In the regions

Compared to March 2016, 14 out of the 16 regions consented more new dwellings in March 2017.

Auckland (up 154 to 942; +20%), Otago (up 84 to 210; +67%) and Wellington (up 53 to 160; +50%) led the way, with Bay of Plenty, Hawke’s Bay, Manawatu-Wanganui, Marlborough, Nelson, Northland,  Southland, Taranaki, Tasman, Waikato and West Coast the other regions to consent more new dwellings.

Canterbury (down 29 to 491; -6%) and Gisborne (down 4 to 6; -40%) were the only regions to consent less new dwellings in March 2017 compared to March 2016.

Value of non-residential consents reaches record high

The total value of non-residential building consents issued in March 2017 was $837m – a record high (up $377m from March 2016).

The main contributing building types were:

• Offices, administration, and public transport buildings – $191m
  (up $92m from March 2016).
• Hotels, motels, and other short-term accommodation – $167m (up $141m, boosted by a consent for the Park Hyatt Hotel in Auckland).
• Hospital, nursing homes, and other health buildings – $104m (up $68m).

*Seasonal adjustment removes the estimated effect of regular seasonal events, such as summer holidays and pre-Christmas purchasing, from statistical series. This makes figures for adjacent periods more comparable. The seasonally adjusted series are re-estimated monthly when each new month’s data becomes available. Figures are therefore subject to revision, with the largest changes normally occurring in the latest months.