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Liz Kendall, Senior Economist at ANZ, notes that New Zealand’s dwelling consents increased 7.7% m/m in August  (seasonally adjusted) after falling 19% in the two months prior.

Key Quotes

“Consents have been volatile of late and a bounce was expected. The increase was driven by recoil in apartment consents. Multi-dwelling consents rose 22.5%, after falling 30% in the previous two months. Consents for houses increased 0.2% m/m, stabilising after a 10% fall over June and July.”

The trend in dwelling consents has turned south.    Dwelling consents are trending down at a rate of 1.5% per month – in stark contrast to the upward trend seen earlier in the year, at 3.3% per month in February. But despite weakness overall, consent issuance in Auckland continues to trend higher.”