Housing consents continue to fall

Westpac says the figures were below its forecast, though consistent with the "general cooling in the housing market."

"After showing promising signs of recovery through 2009, building consents have declined over this year as higher interest rates, slower net migration and concerns over tax changes cooled the housing market."

"The continued slide in house sales, now back to the lows of  the 2008 recession, on its own, suggests further downside for building consents in coming months."

Over October 1,099 new housing units were authorised, which excluding apartments is a 1.1% fall on the month earlier.