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The number of new dwellings approved fell for the third month in a row in December, driven by a decrease in new apartments, Statistics New Zealand said today.
The number of new dwellings fell a seasonally adjusted 4.9 per cent to 1,923 from November, to be 20.8 per cent lower than the same month a year earlier.
The agency revised new approvals for November to 2,022 from a previously announced 2,057, which was 11.6 per cent lower than October.
The unadjusted number of new dwelling consents issued for the month was 1,883 compared with 2,232 the month before and 23 per cent lower than a year earlier.
The fall is further evidence of heat coming out of the building sector and may further encourage the Reserve Bank not to raise interest rates again at its next review in March.
- REUTERS
