Homes and businesses built over water may be exempt from paying rates under the new Marine and Coastal Area Act, which could cost local councils thousands in lost rates.

Auckland's Victoria Park Market is ready to re-open after a $20m renovation.

The number of new homes approved for construction in August was up 17 per cent, the second month of increases, with retirement units and earthquake-related replacement homes lifting the numbers, says Statistics New Zealand.

The departure of hotel operator Westin from Auckland strengthens the position of Hilton Auckland, a hotel consultant says.

Macquarie analyst says greater cost may come in the long term.