KEY POINTS:
The number of new dwellings approved in New Zealand rose in May, Statistics New Zealand said today.
The number of new dwellings rose a seasonally adjusted 5.5 per cent from April, to be 1.9 per cent higher than the same month a year earlier.
The dwelling consents series is volatile because of fluctuations in the number of new apartments.
Excluding new apartment units, the number of seasonally adjusted new dwelling consents rose 2.8 per cent on the previous month.
In the year ended May 31, there were 25,958 new dwelling units consents issued, up 1 per cent on a year ago.
The Reserve Bank has cited strength in the housing and property market as its major concern, and a key reason why it raised its benchmark cash rate by 25 basis points to 8 per cent three weeks ago.
- REUTERS
