NZ: Residential consent issuance rose 5.1% in December – Westpac

Satish Ranchhod, senior economist at Westpac, points out that the New Zealand’s residential dwelling consent issuance rose by 5.1% in December, slightly higher than Westpac’s forecast for a 3.5% gain, but that is a relatively small surprise given the normal monthly volatility in consents.

Key Quotes

“On an annual basis, consent numbers are up 6%, with just under 33,000 new dwellings consented over the past year. That’s the highest level since 2004. But while issuance levels are elevated, its not obvious that they will continue to push higher over the coming year.”

“Overall, we expect consent numbers will remain elevated over the coming year, but we don’t expect to see a further significant rise from current levels. Consent numbers are now broadly in line with changes in the population.”