WELLINGTON: The number of new dwelling consents approved in New Zealand fell for the first time in three months in February, driven by a decline in the number of apartments.
The number of consents fell a seasonally adjusted 6.7 percent on the previous month, after a revised 8.1 percent rise in January, Statistics New Zealand said on Friday.
It was the biggest monthly fall since September last year, and was still up 20 percent on the same month a year earlier.
The government agency said the unadjusted number of consents approved for the month was up 9.6 percent on the previous month and nearly 24 percent on a year ago.
The data can be volatile because of the number of apartments authorised. Excluding new apartments, the number of seasonally adjusted consents rose 1.2 percent, following a 3.7 percent rise the previous month.
The government agency said the underlying trend had been for a steady increase in consents from the 30-year low in April last year, although the pace of growth has slowed.
Recent data has pointed to some stability and pockets of improvement in the housing market, after being sluggish for much of the past two years as households cut debt.
The building industry is expected to pick up later this year when rebuilding gathers pace in Christchurch, New Zealand's second-biggest city, badly damaged in a 6.3 magnitude quake in February last year.
Scores of strong aftershocks have caused more damage and delayed any concerted rebuilding programme.
The Canterbury region, which includes Christchurch, posted earthquake related dwelling approvals worth around NZ$41 million from NZ$25 million in January. It was the second highest monthly total since the first major quake in September 2010.
The value of consents issued for residential buildings was NZ$451 million ($367 million) for the month, up 16 percent from a year ago. The value of non-residential buildings was 46 percent higher than a year ago at NZ$375 million, driven by spending on industrial, hospital and office buildings.
The value of all building work for the year to Feb 29 was NZ$8.8 billion, down 3.3 percent on the previous year.
The Reserve Bank of New Zealand, which has held its cash rate at record-low 2.5 percent since April last year, is expected to keep the rates there for much of this year because of modest local growth, weak inflation pressures and the impact of high local currency.