New Zealand's residential building consents crept up in September, snapping declines in the previous two months, as a spurt in Wellington apartment permits offset a decline in new house permits.
Seasonally adjusted dwelling consents increased 0.2 percent to 2,618 in September, turning around a 1.5 percent decline in August, Statistics New Zealand said. Permits for new houses fell 2.5 percent to 1,813, having gained 4.1 percent a month earlier. The monthly figures were bolstered by a jump in Wellington permits, which included 93 units in the Wellington City Council-owned Arlington Apartments.
On an annual basis, residential consents rose 14 percent to 29,935, including a 15 percent gain in new housing permits to 21,299.
Westpac Banking Corp industry economist David Norman said the residential consents were "a little weaker than we had forecast," though they came "on the heels of a very strong June result, and two consecutive falls in July and August," with the trend will pointing upwards.
Record net migration is putting pressure on the nation's housing market where a shortage of supply is pushing up prices in Auckland, the country's largest city, making accommodation unaffordable for many.