Consents to build new houses surged in Canterbury in October but slowed elsewhere in the country.
Photo: RNZ
Statistics New Zealand says consents in Canterbury accounted for 30% of the 1,891 new houses and apartments approved last month. Auckland accounted for a quarter of that figure.
Official figures show the number of new dwelling consents approved fell a seasonally adjusted 0.6% in October, compared with a 1.4% rise the previous month. Excluding volatile apartments, consents for dwellings fell 2.3%.
Total consents were still 15.4% higher than in October last year.
The government statistician says the trend for new houses is at its highest level in more than five years and up 65% from its recent low point in March 2011. However, the rate of growth has been slowing in recent months.
Westpac chief economist Dominick Stephens says the slowing trend in the number of building consents issued outside Canterbury is a surprise.
Mr Stephens said it remains to be seen whether this is a blip or an effect of the Reserve Bank's loan-to-value ratios.
