Activity in the residential sector has been affected by the uncertainty around tax in the property investment sector. No doubt things will settle when speculation is replaced by fact in the May Budget. Meanwhile people will continue to live in homes.
 
New Zealand's population continues to grow creating demand for housing, our concern is that supply will not match demand and prices will increase as competition increases for a limited amount of stock.
 
Ngai Tahu Property is currently undertaking substantial earthworks at Wigram in Christchurch, and is about to commence work at Lincoln. This will allow us to meet the demand for sections and new homes as our population increases. The first sections from these developments will reach the market later in the year, and expressions of interest are currently being registered.