Surge in New Dwelling Units

Published: Wed 18 Aug 1999 06:30 PM
Estimate of New Dwelling Units - July 1999
Surge in New Dwelling Units
The estimated number of new dwelling units authorised for construction in July 1999 has risen dramatically compared to recent months, due to a large number of consents for apartment units. The estimated number of new dwellings authorised in July was 2,504 and is the highest monthly total since September 1997. Consents for apartment units contributed an estimated 614 units to the new dwelling total, with a particularly large number issued in Auckland and Manukau.
Queenstown-Lakes District has recorded its highest monthly total since June 1997, with 33 new dwellings authorised in July. This is in line with a general increase in residential building activity in that region in recent months. Wellington has also recorded its highest total since July 1998 with 174 new units, mostly due to several consents for 106 apartments. Residential building in Wellington has been flat over the last year, with only three monthly totals over 100 units. Hastings recorded a total of 54 which is the highest monthly total since December 1996.
Investment in residential buildings has been high over the last five months after consistently low monthly totals throughout 1998. Residential property is traditionally a popular form of investment, and this may well be encouraged by sustained low interest rates.
Ian Ewing
Deputy Government Statistician
18 August 1999

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