The number of building consents issued for new dwellings in New Zealand jumped 13.2 percent month-over-month to a seasonally adjusted 3173 in May 2019, rebounding from a 7.9 percent fall in the previous month and well above market expectations of a 0.5 percent decline. It was the largest gain in building consents in 14 months. Excluding apartments, flats, and retirement village units, the number of consents for new houses declined 2.8 percent, following an upwardly revised 4.4 percent fall in the previous month. In the year ended March 2019, the actual number of new dwellings consented was 34,672, compared to 32,628 in the previous year. Building Permits in New Zealand averaged 1988.30 from 1995 until 2019, reaching an all time high of 3387 in June of 2004 and a record low of 993 in January of 2009.
Building Permits in New Zealand is expected to be 2700.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Building Permits in New Zealand to stand at 2800.00 in 12 months time. In the long-term, the New Zealand New Dwellings Building Consents is projected to trend around 3000.00 in 2020, according to our econometric models.