Estimate of New Dwelling Units: December 1999
Estimate of New Dwelling Units: December 1999
New Dwellings Decline
Statistics New Zealand estimates the number of new dwelling units authorised in December at 1,963, substantially lower
than in each of the preceding nine months. It is the first time the estimated number of new dwellings authorised in a
month has fallen below 2,000 since February 1999.
The decline in the trend for new dwellings began in August and follows 11 months of steady upward movement. The decrease
in the number of new houses and apartments being built may be partially attributable to uncertainty about rising
interest rates. An apartment building boom in the middle two quarters of 1999 contributed to the high level of new
dwelling authorisations in that period. Reports of saturation in the apartment market do not appear to have
significantly affected the level of authorisations issued for mulit-unit consents. Many consents for apartment units
involve empty office buildings which have been converted into apartment units.
A number of multi-unit consents boosted the totals recorded in Christchurch and Auckland city. In Christchurch, an
estimated 228 new dwellings were authorised. This is the third time in the last year the Christchurch total has reached
over 200. Most other cities and districts recorded a decline in the total number of dwelling units authorised when
compared with the previous month, however, compared with December 1998 there were 233 more units authorised.
Ian Ewing Deputy Government Statistician END