Housing consents weakness intensifies

The seasonally adjusted number of new residential buildings authorised, excluding apartments, fell 2.6% to 1,104 in September compared to the previous month, the lowest level since July 2009, according to data release by Statistics New Zealand today.

The housing market remains "in the doldrums," Goldman Sachs economist Philip Borkin says. Issuance and construction "looks set to remain lacklustre."

The trend for new dwellings, excluding apartments, has been falling since March, following increases that began in 2009. The current level is 43% lower than the June 2007 level, a benchmark before the global financial crisis.

"The earthquake on September 4 has had an impact on building consents issued in Canterbury," the department said.