Consents drop 10%
There were 1985 consents issued in the month, down 12% seasonally adjusted from the month before.
“The trend for new dwellings was previously at its highest level since August 2007. While it’s now easing, the trend is still about 10% higher than at the same time last year,” Statistics NZ business indicators manager Neil Kelly said.
There were 579 consents in Canterbury, 537 in Auckland and 193 in Wellington. Almost $1.3 billion of building work was consented, of which $778 million was residential.
ANZ’s economists said election uncertainties, a slowing housing market and rising short-term interest rates could have put the brakes on in September and a rebound could be expected in October.
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