Dominick Stephens, chief economist at Westpac, notes that New Zealand’s residential dwelling consent issuance fell by 2.0% in November, after a 1.4% increase in the previous month.
Key Quotes
“The decline in consents was concentrated in the multiple dwelling component, and was most pronounced in Auckland. Dwelling consents in Auckland have risen very sharply over the past year, but retreated in November.”
“Consents are still up 5.3% relative to a year ago. We continue to expect a pickup in residential building activity during 2019, although beyond that we expect construction sector growth to tail off.”
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