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 have been remarkably stable over the past two years in the 30–35k range (seasonally adjusted, annualised), with July at the upper end of this range.</li><li>The value and floor area of non-residential consents (12-month rolling) increased for the first time in 18 and 32 months respectively.</li><li>Vulcan Steel (VSL) and Steel &amp; Tube (STU) both expect another soft six-month period to finish 2025, before a pickup in activity in 2026.</li></ul>

Residential consents have been remarkably stable over the past two years in the 30–35k range (seasonally adjusted, annualised), with July at the upper end of this range.The value and floor area of non-residential consents (12-month rolling) increased for the first time in 18 and 32 months respectively.Vulcan Steel (VSL) and Steel &amp; Tube (STU) both expect another soft six-month period to finish 2025, before a pickup in activity in 2026.

Building Sector NZ Consents—Stable