KEY POINTS:
The trend for the number of new housing units granted consent is continuing a decline which started in September, Statistics New Zealand (SNZ) says.
Despite that, the trend for the value of residential buildings authorised appeared to be increasing, with rises in the past two months, but SNZ said it was too early to confirm any change of direction.
March figures released today by SNZ are the first to at least partially include recent interest rate increases by the Reserve Bank, but it is thought slow consent processing times in some areas could prevent the impacts of the hikes showing up yet.
Today's figures show the 2269 new dwellings authorised in March were just 30 down on March 2006.
The value of consents issued for all residential buildings was $711 million in March, $85 million (14 per cent) higher than a year earlier.
Of the consents issued in March 2007, 190 were for new apartments, compared to 229 in February and 220 in March 2006. Monthly apartment numbers swing wildly, ranging in the past year between 113 and 493.
In the year ended March, 25,740 new dwelling units were authorised, an increase of 334 (1.3 per cent) from the previous March year.
Seasonally adjusted, the number of new dwelling units authorised in March was down 2.9 per cent on February, but SNZ advises the adjusted series should be treated with caution.
For non-residential buildings, $413m of consents were issued in March, $45m (12 per cent) up on March 2006.
After declining since September, the non-residential trend showed a small uptick in March, and remained at a high level, SNZ said.
The value of offices and administration buildings authorised was at its highest level for at least two years at $133m, compared to $60m in February and $64m in March 2006.
In the year to March, $3.96 billion worth of non-residential buildings were authorised, $97m (2.4 per cent) down on the previous year.
The value of consents issued for all buildings in March was $1.12 billion, $130m (13 per cent) higher than March 2006. For the year to March the total value was $11.38 billion, up $616m (5.7 per cent).
Regionally, Auckland was back at its customary position as the area with the most new dwelling consents after Canterbury made a rare appearance at the front of the field last month.
In March, 519 (23 per cent) of the new dwelling consents were in Auckland, 464 in Canterbury (20 per cent), and 352 (16 per cent) in Waikato.
- NZPA
