‘The trend for new dwellings has doubled since the historic low point in March 2011, but is still 28% below the peak in January 2004,’ said Blair Cardno, industry and labour statistics manager.
In January 2014, the seasonally adjusted number of new dwellings consented, including apartments, fell 8.3%, although this wasn’t enough to reverse the rises of late last year.
Apartment numbers returned to a lower level in January, after recording high numbers in November and December.
Excluding apartments, the seasonally adjusted number of new dwellings fell only 1.3%, following a rise of 11%.
Together, Auckland and Canterbury accounted for 58% of the new dwellings and a total of $930 million of building work was consented. This consisted of $642 million of residential work and $289 million of non-residential work.
Meanwhile, the rural property market in New Zealand has seen sales rise. The latest data released by the Real Estate Institute of New Zealand (REINZ) shows and increase of 41.4% for farm properties in the three months ending in January 2014.
But median prices have fallen, down from $23,980 per hectare to $22,644, a drop of 5.6% and down 6.3% compared with December 2013.
Some 11 regions recorded increases in sales volume with Otago recording the largest increase in sales, followed by Southland and Taranaki. Nelson and Auckland saw sales fall.
‘The increase in sales volumes for the three months to the end of January is an indication of the positive mood prevailing throughout the rural sector,’ said REINZ rural spokesman Brian Peacocke.
The lifestyle property market saw a 2.3% increase in sales volume in the three months to January 2014 compared to January 2013 and for the 12 months to January 2014 there was an increase of 13.3% in sales compared to the 12 months to January 2013.
Eight regions recorded increases in sales compared to January 2013 while six recorded decreases in sales. Northland recorded the largest increase, followed by Auckland and Otago.
The national median price for lifestyle farm properties increased by 7.3% from $498,500 for the three months to January 2013 to $535,000 for the three months to January 2014 to reach a new record high.
Canterbury, Manawatu/Wanganui and Waikato all recorded new record highs for the three months to January. The median price in Auckland rose by 16.8%, in Waikato it increased by 13.4% and in Canterbury byu11.9%.
‘Current sales volumes and a strong median price are clear indications of a healthy lifestyle market around the country,’ said Peacocke.
