26 Feb 2010

Housing consents down again

4:14 pm on 26 February 2010

The number of new building consents being issued fell in January for the second consecutive month.

Statistics New Zealand says consents for new dwellings fell a seasonally-adjusted 2.8% during the months, following a fall of 3.8% in December.

Excluding apartments, seasonally-adjusted consents rose 0.7%, following a 3.9% fall in December.

A total of 1324 consents were issued in January, compared with 1363 in December, and 979 in January 2009.

Forty-two consents for apartments were issued, compared with 93 in December.

Despite the small rise, Commonwealth Bank of Australia economist Chris Tennant-Brown says the market has taken much longer to recover than expected.