NZ: Expect to see some easing in building consents issuance in March - Westpac

The analysis team at Westpac, explains that with much of February’s rebound in NZ’s building consents related to multi-unit consents, which can be lumpy on a month-to-month basis, they expect to see some easing in issuance in March.

Key Quotes

“Residential dwelling consent issuance rebounded in February, rising 14%. That followed a small rise in January and some large falls in late 2016.”

“Much of February’s increase was centred on Auckland, where despite a growing housing shortage, consent issuance in recent months had been subdued. However, with the Unitary Plan having now cleared many legal hurdles, construction activity appears to be lifting. We’ve also seen gains in other regions, with the notable exception of Canterbury.”

“However, smoothing through such volatility, the general trend in issuance is expected to remain positive over the coming months.”