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 Equity real estate investment trusts (reits) / Thematic (Sector/Industry)

<ul><li>Residential consents remain range bound. While June consents fell -6% on the prior month to 32.5k (seasonally adjusted and annualised), it remains in the middle of the 30-35k range.</li><li>Non-residential appears to be stabilising; on a trend basis value has been broadly stable over the last six months while 12-month rolling sqm has picked-up from its lows but remains at GFC levels.</li><li>Recent industry feedback has had a slightly more optimistic tone, with: (1) more government activity (health, education, and corrections); (2) the first projects from the fast-track process soon coming to market; and (3) better project economics from lower interest and construction costs, and recently announced accelerated depreciation changes.</li></ul>

Residential consents remain range bound. While June consents fell -6% on the prior month to 32.5k (seasonally adjusted and annualised), it remains in the middle of the 30-35k range.Non-residential appears to be stabilising; on a trend basis value has been broadly stable over the last six months while 12-month rolling sqm has picked-up from its lows but remains at GFC levels.Recent industry feedback has had a slightly more optimistic tone, with: (1) more government activity (health, education, and corrections); (2) the first projects from the fast-track process soon coming to market; and (3) better project economics from lower interest and construction costs, and recently announced accelerated depreciation changes.

Building Sector NZ Consents — Bouncing Around