The residential building sector remained soft in September, with another fall in building consents.

The Govt has opened its first 'simple house', its answer to streamlining the design and build process for first-time buyers.

Fletcher Building, expects the residential property market to pick up next year when rebuilding begins in Canterbury and the government's response to 'leaky homes' comes into effect.

The number of consents issued for new homes has fallen to its lowest level in more than a year, Statistics NZ said today.

The Govt hopes a new state house will be a heartening example for first-home owners.

The news is good - and bad - says the Bank of New Zealand's Tony Alexander.

Credit crunch has changed the landscape for residential building, writes Kevin Atkinson

A report prepared by business researcher Infometrics is predicting house prices will fall 4.1 per cent by next June.

NZ's residential property sector remained subdued last month with permits for new construction edging up from a slump in May, while commercial property extended its decline.

The number of consents issued for new home building nudged up 1.7pc in June.

The number of consents issued for new homes fell 9.5 per cent during May, following a 13.4 per cent rise during April, Statistics New Zealand says.

It is notoriously hard to fix up a leaky building that has been poorly designed or built to start with.

Building consents issued in February jumped 10 per cent, after rising one per cent the month before.