KEY POINTS:
The number of new dwelling consents fell a seasonally adjusted 1.9 per cent in October, Statistics New Zealand said today.
The fall was driven by a drop in the number of apartment consents.
Statistics New Zealand said a seasonally adjusted 2,417 new dwellings were authorised in the month, down from 2462 in September.
The number of new consents was still 18.6 per cent higher than the same month a year earlier.
The unadjusted number of new dwelling consents issued for the month was 2,377, down 6.6 per cent on the month before but 25 per cent above the 1,901 of a year earlier.
The dwelling consents series is volatile because of fluctuations in the number of new apartments, which accounted for 16 per cent of approvals in October compared with a monthly average of 14 per cent for the past 12 months.
Excluding new apartment units, the number of seasonally adjusted new dwelling consents fell 0.4 per cent on the previous month, but was 11.2 per cent higher than a year earlier.
In the year ended October 31, there were 26,577 new dwelling units consents issued, up 0.8 per cent on the previous October year.
The total value of consents issued for the month for all residential buildings, including alterations and additions, was $669 million, up 20 per cent on the same month a year ago.
The value of consents issued for non-residential buildings was $330 million, up 7 per cent on the same month a year ago.
The annual value of consents for all buildings in the year ended October 31 was $11.3 billion, up 4.3 per cent from the previous year. Residential buildings accounted for 64 per cent of the total value, compared with 63 per cent in the previous year.
The Reserve Bank of New Zealand has cited strength in the property sector as one of its major concerns but it is expected to leave its benchmark cash rate unchanged at 7.25 per cent at its next review on December 7.
- REUTERS
