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Monday, 31 January 2011 - NZ new home building consents drop in Dec
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    Read more with google mobile : NZ new home building consents drop in Dec

    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World NZ new home building consents drop in Dec Reuters - Monday, January 31 Send IM Story Print WELLINGTON, Jan 31 - The number of new dwelling consents approved in New Zealand fell the most in more than two years in December, reflecting the sluggish economic recovery. The number of new dwellings fell a seasonally adjusted 18.6 percent on the previous month, the biggest since October 2008, compared with a downwardly revised 7.8 percent jump in the previous month, Statistics New Zealand said on Monday. The government agency said a seasonally adjusted 1,018 new dwellings were approved in December, down 26 percent on the same month a year earlier. The data is volatile because of the number of apartments authorised, which totalled 85 for December, compared with 226 in the previous month. The apartments were largely in retirement villages. Excluding new apartment units, the number of seasonally adjusted consents fell 11.3 percent to 943 from the previous month, the sixth straight monthly decline and the biggest drop in seven months. The housing market slowed last year amid a sluggish property sector and cautious consumers, who looked to cut their debt levels in the face of slow wage growth and an uncertain labour market. The weak housing market was a contributing factor to the New Zealand economy unexpectedly contracting in the third quarter last year, after it had posted six quarters of growth as it emerged from recession. Statistics NZ said there were as small number of earthquake related consents approved in the Canterbury region, totalling around NZ$10 million in December. The cost of the damage caused by the 7.1 earthquake, which struck on Sept 4, has been estimated at as much as NZ$5.5 billion. The Reserve Bank of NZ, which last week kept its cash rate at 3 percent, said there are signs that the housing market has stabilised. The total value of consents issued for the month for all residential buildings, including alterations and additions, was NZ$368 million , down 28 percent on November. The value for the year to December 31 was NZ$5.57 billion, up 9 percent on a year earlier. The value of consents issued for non-residential buildings fell 31 percent on the previous month to NZ$332 million, and was 18 percent lower from a year ago. The value of consents for all buildings in the year through December was NZ$9.34 billion, down 3.2 percent from a year earlier. Recommend Send IM Story Print Related Articles China tycoon willing to fund Taiwan rail link AFP - 21 minutes ago Honda 3Q net profit falls 40% on year AFP - 25 minutes ago RPT-Elpida says to buy all DRAMs made by Powerchip Reuters - 31 minutes ago Huawei says 2010 sales rise 28 pct to $28 bln Reuters - 32 minutes ago Russian rouble weakens, awaits cbank rate hike Reuters - 34 minutes ago News Search Top Stories Protests continue as Egypt PM tasked with reforms Brain scan can tell if a smoker will quit Cyber raids threaten British, US stock markets: report WikiLeaks' Assange 'dressed as old woman' to evade CIA: book Nicotine study opens path for anti-smoking drug More Top Stories » ADVERTISEMENT Most Popular Most Viewed WikiLeaks' Assange 'dressed as old woman' to evade CIA: book South Sudan chooses to secede: official results Gulf stock markets down on Egypt concerns US, Europe wary of Egypt protest contagion: analysts Nicotine study opens path for anti-smoking drug More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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