New commercial building consents rise strongly in Auckland led by industrial properties; consents decline in Christchurch, Wellington subdued

There was a sharp rise in the value of building consents issued for new industrial buildings in Auckland in the second quarter of this year, but an equally sharp decline in Canterbury.

According to Statistics NZ, building consents were issued for $94.8 million of new industrial buildings in Auckland in the June Quarter, up 66% compared to the first quarter of this year and more than double the $44.6m of new industrial buildings consented in the second quarter of last year (refer table).

Just over $67 million of that was for storage buildings and the remainder was for factories

Conversely, consents for new Auckland office buildings dropped sharply to $17.3 million in the June quarter, from $57.1 million in the first quarter and $44.6 million in the June quarter of last year.

In Canterbury the value of consents being issued for most types of new commercial buildings has been in decline since the middle of last year (refer table), although the value of new work being consented remains substantial, with the combined value of new office, industrial, retail and hospitality buildings consented in Canterbury in the June quarter totaling $175.5 million.

The Wellington market remains subdued with only $20.2 million of consents issued for new commercial buildings in the June quarter.

Value of New Commercial Building Consents in Auckland, Wellington and Canterbury
Auckland Region
  Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Hotels, motels, and other short-term accommodation $925,450 $6,645,000 $4,060,000 $10,780,000 $8,180,000 $11,400,000
Shops, restaurants, and bars $31,758,000 $90,027,685 $34,305,999 $43,965,000 $31,079,745 $38,405,526
Office, administration, and public transport buildings $85,382,176 $18,627,600 $42,425,000 $81,218,000 $50,369,912 $17,315,100
Factories, industrial, and storage buildings $46,242,470 $44,621,100 $76,026,843 $40,455,339 $57,126,499 $94,798,699
Wellington Region
  Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Hotels, motels, and other short-term accommodation $6,730,000 $8,076,000 $125,000 $118,900 $7,537 $107,507
Shops, restaurants, and bars $1,725,000 $3,000,000 $1,775,000 $240,000 $1,685,000 $3,495,000
Office, administration, and public transport buildings $31,194,000 $860,499 $25,147,828 $0 $650,000 $8,331,500
Factories, industrial, and storage buildings $2,733,000 $4,194,400 $1,616,096 $5,030,747 $431,360 $8,306,000
Canterbury Region
  Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Hotels, motels, and other short-term accommodation $9,608,000 $4,020,000 $1,258,000 $8,972,000 $4,043,200 $9,350,100
Shops, restaurants, and bars $13,962,000 $33,102,740 $63,635,000 $39,542,077 $12,131,952 $23,349,000
Office, administration, and public transport buildings $98,051,815 $140,045,227 $130,046,656 $117,746,002 $114,193,250 $97,006,500
Factories, industrial, and storage buildings $57,695,250 $47,754,250 $62,047,248 $64,172,087 $99,571,186 $45,800,981
Source: Statistics NZ            

This article was first published in The Property Line Quarterly Report which is published by interest.co.nz and sent to subscribers of our regular Property Newsletter. Both the newsletter and the Quarterly Report are free, we do not share subscribers’ details with third parties and you can unsubscribe at any time. To subscribe to The Property Newsletter and receive the Quarterly Report and all of interest.co.nz’s other property-related stories delivered free to you inbox, enter your details in the subscription box below:

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