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Timaru District Quarterly economic monitor - September 2020

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Residential consents

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Highlights for Timaru District

  • A total of 41 new residential building consents were issued in Timaru District in the September 2020 quarter, compared with 44 in the same quarter last year.
  • On an annual basis the number of consents in Timaru District decreased by 5.0% compared with the same 12-month period a year ago. The number of consents in New Zealand increased by 3.5% over the same period.

National overview

Residential building consents were up 3.5% over the year to September 2020. New townhouses were responsible for most of the growth over the year, up 34%, driven by an incredibly hot housing market and rapid house price growth. Apartment and retirement buildings were dragging the chain for the quarter. We expect the number of residential consents to weaken throughout next year. However, the heat in the housing market continues to provide upside risks, particularly as interest rates are set to be lower, and loan to value ratio restrictions are still a few months away at earliest.