Tuesday 29th July 2008
|Text too small?|
The number of consents for new dwellings, including apartments, fell a seasonally adjusted 20% to 1,337 in June, Statistics New Zealand said. Excluding apartments, consents dropped 13%.
High interest rates and surging costs for fuel and food sapped demand in the housing market last month. The central bank has cut the official cash rate a quarter point to 8% since then, prompting lenders including ASB Bank to lower their mortgage rates.
"Housing is still in decline," said Robin Clements, senior economist at UBS New Zealand. "Consents probably have got further downside. For the rest of this year, residential building is going to be a drag on the economy."
Shares of Fletcher Building, New Zealand's biggest construction firm, fell 4% to NZ$6.22 and has slumped about 44% this year.
Consents in Auckland fell 15% to 5,752 while those in Canterbury, the second-largest region by number, fell 15% to 3,822.
The value of residential building consents fell 34% to NZ$455 in June in May from a year earlier, while non-residential consents dropped 18% to NZ$313 million.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto