7 December 2015

Rotorua building consent values continue to surge

Investment in building projects in Rotorua continues to surge, according to Rotorua Lakes Council building consents data for November [2015].

While the 14 commercial and 60 residential building consents issued in November is similar in number to November last year (14 commercial; 63 residential), the total value of all consents jumped 52 per cent - from $4.86 million to $7.37 million.

Of those, residential consents increased 47 per cent in value, from $2.72 million to $3.99 million, while commercial building consents saw an increase of 58 per cent - from $2.14 million to $3.38 million.

Across the three months from September to November, the growth in building consents issued has been impressive with a total of 272 consents, up 13 per cent over the same quarter in 2014 when the figure was 240. However the total value of all consents over the three months rose from $19.8 million in 2014 to $26m this year, a 31 per cent surge.

For the same three month period residential consents increased 14 per cent in number to 216, and 18 per cent in value to $14.5 million. While the number of commercial consents was up 10 per cent, from 51 to 56 consents, the value of consented commercial projects jumped 53 per cent to $11.4 million for the three months.

Rotorua Lakes Council’s Consent Solutions manager, Paul Spurdle, said the council’s building consents and LIMs teams had been very busy in recent months processing an influx in new consent applications and LIM (land information memoranda) report requests.

“What’s really encouraging for Rotorua is the month-on-month growth we’ve been experiencing for consents and LIMs, and this growth is consistent with other positive economic indicators that have recently been released.”

Mr Spurdle also said the number of LIM report applications the council had been receiving showed interest in purchasing residential and commercial Rotorua properties remained very strong, and reinforced accounts of renewed buoyancy in the real estate sector.

The total number of property LIM reports issued by the council was up 90 per cent, from 57 LIMs in November 2014 to 108 in November this year. Commercial property LIMs issued increased 64 per cent this month, from 11 to 18, while residential LIM reports almost doubled from 46 to 90, a jump of 96 per cent.

LIM reports set out the information a council holds on individual properties and are usually applied for when a potential buyer is considering purchasing a property.

SUMMARY:

Building consents - November 2015

14 x commercial consents; value $3.38m (+58%)

60 x residential consents; value $3.99m (+47%)

74 x total consents; total value $7.37m (+52%)

Building consents - 3 months Sept-Nov 2015

56 x commercial consents; value $11.44m (+53%)

216 x residential consents; value $14.53m (+18%)

272 x total consents; total value $26m (+31%)

LIMs - November 2015

18 x commercial LIMs (+64%)

90 x residential LIMs; (+96%)

108 x total LIMs; (+90%)

-ENDS-

© Scoop Media