New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Industrials / Thematic (Sector/Industry)

<ul><li>Residential consents were broadly flat in March. They have been range bound at 30-35k since August 2023 which is slightly below the level generally understood to be annual build capacity in NZ.</li><li>This is despite our channel checks suggesting that residential construction activity is declining as higher interest rates, inflated construction costs and lower house prices make the feasibility of new residential construction challenging.</li><li>While (1) construction costs are showing some signs of easing, with sub-contractors pricing down, and (2) strong net migration likely to drive net housing demand, a recovery in construction activity will likely require lower interest rates and/or increasing house prices. </li></ul>

Residential consents were broadly flat in March. They have been range bound at 30-35k since August 2023 which is slightly below the level generally understood to be annual build capacity in NZ.This is despite our channel checks suggesting that residential construction activity is declining as higher interest rates, inflated construction costs and lower house prices make the feasibility of new residential construction challenging.While (1) construction costs are showing some signs of easing, with sub-contractors pricing down, and (2) strong net migration likely to drive net housing demand, a recovery in construction activity will likely require lower interest rates and/or increasing house prices. 

Building Sector - NZ Consents — Are We There Yet?