New zealand house building at seven-year high

The rate of house building in New Zealand is now at a seven-year high, according to new figures.

The trend for the number of new dwellings consented continued to rise in January 2014, reaching its highest level since September 2007, Statistics New Zealand revealed.

The data marks strong growth despite a short-term fall in construction. Indeed, in January 2014, the seasonally adjusted number of new dwellings consented, including apartments, fell 8.3 per cent, but this was not enough to reverse the rises of late last year.

“The trend for new dwellings has doubled since the historic low point in March 2011, but is still 28 per cent below the peak in January 2004,” industry and labour statistics manager Blair Cardno said.

“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 per cent, following a surge of 11 per cent in December.