Building consents fall again

1.00pm

The number of new dwelling consents authorised fell 0.5 per cent in May following falls of 4.2 per cent and 7.1 per cent in the previous two months, Statistics New Zealand said today.

While the figures show a further cooling in the super-heated construction market, the seasonally adjusted figures show the number of consents were still 3.9 per cent ahead of the 2488 consents authorised last May.

An actual 31,793 consents were authorised in the year to May -- the highest annual total since April 1976.

Despite the removal of seasonal variations, the series remains volatile because of a fluctuation in the number of consents issued for new apartments.

"Building consents in May 2004 confirmed a downward trend in the number of new dwelling units since January 2004," the department said.

Before excluding seasonal variations, 2544 consents were issued for the month, just one up from April. Consents were issued for 306 new apartment units, compared with 644 in April.

The number of consents had been rising for the past four years apart from a soft patch at the beginning of 2003. The numbers peaked in September at 3003.

Nine of the 16 regions recorded more new dwelling unit consents in May compared with the same month a year ago, with the Waikato region having the largest increase.

Auckland accounted for 33 per cent of the new dwelling units in May, SNZ said.

The total value of consents issued for all residential buildings, including alterations and additions, was $587 million, up 9.8 per cent on the previous month, and 12 per cent higher than the same month a year earlier.

The value of consents for non-residential buildings for the month was $243 million, compared with $239 million in the previous month.

The total annual value of consents for all buildings in the year ended May was $9.85 billion, up 21 per cent on the previous May year.

- NZPA