The number of building consents issued for new dwellings in New Zealand declined 6.9 percent month-over-month to a seasonally adjusted 3,064 in March 2019, after a downwardly revised 1.7 percent gain in the previous month and compared to market expectations of a 1.6 percent drop. Excluding apartments, flats, and retirement village units, the number of consents for new houses climbed 0.8 percent, following a 0.5 percent drop in the previous month. In the year ended March 2019, the actual number of new dwellings consented was 34,516, compared to 31,392 in the previous 12 months. Building Permits in New Zealand averaged 1986.03 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 2150.00 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 2300.00 in 12 months time. In the long-term, the New Zealand New Dwellings Building Consents is projected to trend around 2500.00 in 2020, according to our econometric models.