New Zealand residential building approvals declined in December, a sign that record-high interest rates are finally dampening New Zealanders’ insatiable hunger for property.
According to Statistics New Zealand, the total number of new housing units authorised during December 2007 was 1,738 – 145 less than in December 2006.
The value of residential building consents authorised in December also fell to NZ$539 million ($472 million), down NZ$25 million ($22 million) from 2006.
Approvals for apartments bucked the trend however and rose to 214 for December – 101 more than in December the previous year.
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