Stats NZ figures out yesterday show June is the fourth month so far this calendar year to see a fall in the value of dwelling consents and the second to see a drop in volume.
Including alterations, the value of building work consented in June 2017 was $1.5 billion (–18% on June 2016), comprising $1,050 million of residential work (–3%), and $451 million of non-residential work (–39%).
June volumes were also negative, with 2,560 consents issued for new dwellings (–7% on June 2016), comprising:
Year to date (YTD) however is more positive, with 30,453 new houses, apartments, townhouses & flats consented, +4.7% on the previous 12 months.
Retirement village units however are –25% YTD, thanks to a drop off in activity in Wellington and Canterbury, says Stats NZ.
"Annual new home numbers are nearing those last seen in 2004, although they remain well below the all-time peak of the mid-1970s when consents reached about 39,000 a year," says Stats NZ's Jason Attewell.
Value YTD is also positive: in the year ended June 2017, the value of all building consents was $19.0 billion, comprising $12.8 billion of residential work (+9.3%), and $6.2 billion of non-residential work (+1.6%).
Look out for more detail in the September issue of NZ Hardware Journal.