WELLINGTON, Nov 30 (Reuters) - The number of new dwelling consents approved in New Zealand rose for a fourth consecutive month in October as the housing sector showed further signs of recovery.
The number of new dwellings rose a seasonally adjusted 11.7 percent during the month, following an upwardly revised 5.5 percent rise in September, Statistics New Zealand (SNZ) said on Monday.
The government agency said a seasonally adjusted 1,397 new dwellings were approved in October against 1,251 the month before. It was 27 percent lower than the same month a year earlier.
The series hit a 27 year-record low in January.
The data is volatile because of the number of apartments authorised, which totalled 102 for October, compared with 155 in the previous month.
Excluding new apartment units, the number of seasonally adjusted consents rose 11.2 percent on a month earlier, following an upwardly revised 3.5 percent gain in September.
The decline in the housing market was a key factor in the economy being in recession for five quarters to June 30, but this year the sector has shown signs of stabilising and recovering.
The government agency said on a trend basis the number of residential building consents had gained more than 20 percent since the start of the year after being in decline since June 2007.
The Reserve Bank of NZ has voiced its concern that a return to debt-fuelled house buying and building might jeopardise economic recovery.
The total value of consents issued for the month for all residential buildings, including alterations and additions, was NZ$481 million ($344 million), the highest since September 2008. However, the value for the year to October was down 24 percent on the previous October year.
The value of consents issued for non-residential buildings rose 28 on the previous month to NZ$329 million, but was 5.6 perent behind a year ago.
The value of consents for all buildings in the year through October was NZ$9.5 billion, down 14 percent from a year earlier.
($1=NZ$1.40)
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/BUILDING (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The number of new dwellings rose a seasonally adjusted 11.7 percent during the month, following an upwardly revised 5.5 percent rise in September, Statistics New Zealand (SNZ) said on Monday.
The government agency said a seasonally adjusted 1,397 new dwellings were approved in October against 1,251 the month before. It was 27 percent lower than the same month a year earlier.
The series hit a 27 year-record low in January.
The data is volatile because of the number of apartments authorised, which totalled 102 for October, compared with 155 in the previous month.
Excluding new apartment units, the number of seasonally adjusted consents rose 11.2 percent on a month earlier, following an upwardly revised 3.5 percent gain in September.
The decline in the housing market was a key factor in the economy being in recession for five quarters to June 30, but this year the sector has shown signs of stabilising and recovering.
The government agency said on a trend basis the number of residential building consents had gained more than 20 percent since the start of the year after being in decline since June 2007.
The Reserve Bank of NZ has voiced its concern that a return to debt-fuelled house buying and building might jeopardise economic recovery.
The total value of consents issued for the month for all residential buildings, including alterations and additions, was NZ$481 million ($344 million), the highest since September 2008. However, the value for the year to October was down 24 percent on the previous October year.
The value of consents issued for non-residential buildings rose 28 on the previous month to NZ$329 million, but was 5.6 perent behind a year ago.
The value of consents for all buildings in the year through October was NZ$9.5 billion, down 14 percent from a year earlier.
($1=NZ$1.40)
((Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/BUILDING (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.