NZ: Residential building consents to post a modest 1% rise - Westpac

After some volatility in recent months, analysts at Westpac expect NZ residential building consent issuance to return to trend in February and are forecasting a modest 1% rise over the month.

Key Quotes

“The key thing to watch will be the regional breakdown. Issuance in Auckland is expected to have remain firmed, underpinned by strong population growth and increasing housing market tightness. At the same time, dwelling consent numbers in Canterbury are likely to remain low for some time.”

“The greater uncertainty, however, is what’s happening in other regions. Despite positive housing market conditions and firm population growth, consent issuance in regions outside of Auckland and Canterbury has been easing off in recent months. We’ll be watching to see if this continued through February.”