New Zealand residential building consents posted their biggest monthly gain in eight months in February, snapping out of a lull that persisted through spring and summer.
Seasonally adjusted dwelling consents rose 14 per cent to 2,605 in February, posting its first double-digit growth since June last year, with new housing permits also gaining 14 per cent to 1,858, Statistics New Zealand said. Annual residential permits rose 8.7 per cent to 30,162 in the year through February 28, and new house consents gained 9.1 per cent to 21,326.
“While we saw a strong seasonally adjusted increase this February, the actual number of homes consented was up only slightly from last year,” business indicators senior manager Neil Kelly said in a statement.
New Zealand’s property market remains problematic for policymakers, with central government laying much of the blame on local authorities’ planning processes in stifling supply which has led to a bottleneck driving up prices as the nation experiences record inbound net migration.
Read more here: NZ Herald – NZ residential buildings perk up in February after a lull