UPS AND DOWNS IN HOUSING APPROVALS

 

Property developers will be pleased to hear that housing approvals in New Zealand steadily rose 2.5% for eight consecutive months up to November 2011.This is a welcoming change for a market that has recorded historical lows over the last three years. However, because apartment approvals decreased by 5.9% there was an overall decrease in Canterbury, Wellington, and Otago with a slight rise only seen in the Auckland Region. Interestingly, all 109 apartments that were approved in November 2011 were retirement units. The total cost for building work was also down which is largely due to earthquake-related work that has now taken precedence.

Source: Statistics New Zealand, 10 January 2012 (SM)

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