INDEPENDENT NEWS

Interest Rates and Migration Deflate New Housing

Published: Thu 27 Apr 2000 03:44 PM
Building Consents Issued: March 2000
Interest Rates and Migration Deflate New Housing Trend
The underlying trend for the number of new dwellings authorised in March 2000 decreased for the eighth consecutive month. The decrease in the number of new house approvals has nearly reversed the earlier gains of 11 months of growth. The actual number of new dwellings authorised was 2,062.
Low interest rates were one of the causes of last year's building boom, which may have resulted in some over-supply of houses. This, combined with rising interest rates, has had a negative impact on both the number of new dwelling applications and the real estate market, which has recorded decreasing sales for several months. In addition, migration statistics show a net outflow of 19,186 people in the two years to 31 March 2000, compared to eight consecutive years of net inflows before this.
The trend for the value of non-residential building projects is also declining for the fourth month. There were no large projects approved in March, with all consents issued for non-residential buildings being under $6 million each. The total for non-residential buildings was $159.8 million. Offices and administration buildings contributed $34.2 million, the largest proportion of the total.
The total value of consents issued for all buildings in March was $542.9 million.
Ian Ewing Deputy Government Statistician END

Next in Business, Science, and Tech

ScoopPro: Helping The Education Sector Get More Out Of Scoop
By: Scoop Publishing
Destiny International Trust, Te Hahi o Nga Matamua Holdings
By: Charities Registration Board
57M Uber data breach "utterly preventatable"
By: Centrify
Scoop 3.0 - How You Can Help Scoop’s Evolution
By: Scoop Publishing
Dairy product prices slide for fourth straight auction
By: BusinessDesk
Butter at Record $5.67/Block & High Vegetable Prices
By: Statistics New Zealand
New research finds herbicides cause antibiotic resistance
By: University of Canterbury
Fonterra's NZ milk collection lifts slightly in October
By: BusinessDesk
Olives Squeeze Out Luncheon Sausage
By: Statistics New Zealand
Salvation Army Prepares for Increased Need
By: The Salvation Army New Zealand
Herbicides linked to antibiotic resistance - Expert reaction
By: Science Media Centre
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media