Like Sydney, Auckland's property market is building up not out

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New Zealand building permits, having surged by 10% in March, have fallen fractionally in April.

According to data released by Statistics New Zealand, total approvals came in at 2,112, 1.7% below the level of March, leaving the annual increase unchanged from a year earlier. The annual figure was the first time since March 2013 that an increase was not recorded.

From a regional perspective, permits issued in Auckland surged by 30.8% while those in Canterbury, having risen strongly in recent years following the Christchurch earthquake, dropped 22.9% to 427, a 22-month low.

Interestingly, particularly given the parallels between the hot Auckland and Sydney property markets, apartment approvals rose to 467. 438 of them were in Auckland, the largest number seen in the past seven years.

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