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New construction in New Zealand hits a five year high

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new houses approved as New construction in New Zealand

Approved planning permission for new houses in New Zealand has hit a five year high with rises spreading across the country, according to new data.

The figures for building consent for new houses released by Statistics New Zealand reveal that there were 1,755 new houses and apartments approved in April 2013. This represents the highest number since April 2008 when 2,373 were consented in total.

Blair Cardno, industry and labour statistics manager, commented: “April was a bumper month for building consents for new houses across the country.

“While the numbers were higher in Canterbury and Auckland this month, compared with April 2012, the rest of the country also made a significant contribution to the increase. In particular, Wellington and Otago regions together consented 185 apartments, boosting new house numbers there.”

The increases have now been going on for 25 consecutive months, since the historic low hit rock bottom in March 2011. The current level of building consents is now 61% higher than it was at that point.

The latest figures show an increase of 43% year on year for the total number of houses and apartments, and the breakdown shows that for new homes excluding apartments it was a rise of 41% year on year and for apartments there was virtually no change.

Recent events have had an impact on the figures, as in Canterbury earthquake-related building consents were valued at $52 million which included plans for the construction of 49 new houses.

The seasonally adjusted number of new homes increased 19% in April 2013, up from an 8.3% fall in March. It isn’t just homes that are seeing an increase in activity, as non residential building consents were valued at $308 million in April 2013, up 35% compared with April 2012.

If you are looking to send money to New Zealand, you should think carefully about how to send money abroad. Comparing the different exchange rates on the market before making a decision whether to use a currency specialist or a bank is a wise idea.

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