NZ building consents up 10% in Aug - Westpac
|New Zealand’s residential building consents jumped by 10% in August and the increase was driven entirely by consents for multiples (apartments, townhouses etc) which had their single biggest month in 13 years, explains Michael Gordon, Research Analyst at Westpac.
Key Quotes
“The result was much stronger than we expected for the month, though it doesn’t contradict our broader view of the homebuilding industry. There were a particularly large number of apartments consented in Auckland in August, but this followed a shockingly low number in July. On a three-month average basis, it still appears that the pace of building in Auckland has flatlined over the last year, at a level well short of what’s needed to match population growth.”
“Dwelling consents in Canterbury were down slightly, after a pickup in July. We expect post-earthquake reconstruction to continue its gradual wind-down.”
“The value of non-residential consents rose to $706m in August. The trend in non-residential consents appears to be improving again, after stalling through the early part of this year.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.