Surprise Surge in Building Permits in June

Demand for new houses and apartments continued unabated in June, in apparent defiance of RBNZ?s continuous attempts to curb the overheated housing sector.

Issuance of building permits in June peaked to an 18-month high of 15.8 percent on a seasonally adjusted basis. In comparison to the statistic for May, more than 90 percent of the increase in residential construction approvals stemmed from apartment approvals in June. New housing consents excluding approvals for apartments rose at a more moderate 1.4 percent from May.

The release of the NBNZ business confidence survey for July may have moderate market-moving impact.

[B]NBNZ Business Confidence (JUL)[/B]
Expected: -37.2
Previous: n/a

[B]Building Permits (MoM) (JUN)[/B]
Actual: 15.8%
Previous: 5.8%

[B]Money Supply (M3) (YoY) (JUN)[/B]
Actual: 10.8%
Previous: 13.2%

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