Property Investment Blog

All Posts

23,000 new Canterbury homes approved since quakes

falling_chartHouse building is still slowing in Canterbury, where more than new 23,500 homes have been consented since the start of the earthquakes.

Figures from Statistics New Zealand show councils in the region approved 544 homes in June, 13 per cent fewer than a year ago.

The average value of the consents was $334,500. 

New home approvals in Canterbury have been steadily falling this year, after peaking at over 700 homes a month last last year, and are now back at mid-2013 levels.

Last month's consents included 344 for Christchurch, 92 for Selwyn district, 49 for Waimakariri, 20 for Ashburton, and 18 for Timaru.

Canterbury had the biggest annual drop-off in new home approvals in New Zealand. The biggest rise was in Auckland.

Statistics New Zealand spokeswoman Clara Eatherley said the increase in new housing approvals for Auckland offset the fall in Canterbury.

Westpac senior economist Satish Ranchhod said while down on last year, house construction was still at a high level.

"While we expect reconstruction activity in Canterbury will remain strong for some time, it does appear to have reached its peak, and will start to gradually wind down over time."

For non-residential construction, Canterbury had the second highest value of work consented, behind Auckland, Statistics New Zealand said. A total of $120 million worth of commercial and public work was approved for Canterbury last month.

Nationally, $1.3 billion worth of building consents were issued in June, comprising $832m for residential buildings and $454m for non-residential buildings.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

Related Posts

[On-Demand Webinar] How to Find Affordable Capital Growth Properties

Most investors are either priced out of inner or middle ring capital city suburbs or have to resort to sacrificing their lifestyle to be able to afford the out-of-pocket holding costs. Join us for this live webinar and learn how to find and analyse affordable gentrifying areas which are primed to support solid sustained medium to long-term capital growth.

RBNZ Announcement - 13 November 2019

Reserve Bank of New Zealand Announcement - 13 November 2019

[On-Demand Webinar] How to Find Positive Cash Flow Properties

Learn how to find and analyse positively geared investment properties In this webinar replay, you will learn how to find property that will pay for itself, assist with finance serviceability and provide income regardless of what's happening in the property market.