Building rush before GST
PA Auckland Rush buying before GST rises may have caused the rapid increase in new building permits issued last month, the Master Builders’ Association says. Provisional figures show permits up almost 40 per cent in April compared with the same month last year. Permits for 1758 new buildings were issued, with significant increases in Hamilton, Waitemata and Manukau. New permits issued to April, 1989, were 347 higher than in the same period last year. The Master Builders’ Association’s Auckland president, Mr Ken McKee-Wright, said this was still slightly below the association’s projected figure for the year but was a good result compared with the dramatic fall in commercial building.
He said the bulk of new permits were for low-cost housing, with the Government providing a significant boost through new rental stock and mortgage finance.
Mr McKee-Wright said a GST rise of 2.5 per cent would significantly boost the price of new homes and it appeared many people were buying now to beat the extra cost.
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Press, 1 June 1989, Page 9
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169Building rush before GST Press, 1 June 1989, Page 9
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