Home building passes low point
According to its latest quarterly Building and Construction Outlook, which was launched in March this year, residential consents have been trending up over the past three quarters - up 21% from the same time last year - and the industry remains optimistic of continued growth.
However, the slow but steady growth seen since 2009 looks to be flattening out somewhat and the improvement seems to be more a rebound rather than momentum-driven.
DBH says that although indicators supporting a rise in construction activity remain positive, such as an improving outlook for employment and a projected shortage of housing due to population growth, it says overall they weakened slightly during the September quarter.
Growth has been held back recently by declining net migration, tighter bank lending and the sluggish pace of domestic economic recovery, the report says.
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