The residential property segment in the New Zealand economy continues to stay weak for the month of September as the earthquake that hit the Canterbury region has left many players struggling to boost the residential construction sector.

It is to be mentioned here that the sale of the new residential buildings that will exclude apartments fell by close to 2.6% standing at 2,204 in the month of September.

According to the report released by the Statistics New Zealand, the recently posted data is the lowest since July 2009.

Philip Borkin, economist at Goldman Sachs & Partners New Zealand. Issuance and construction said that the housing market in NZ is still very weak and the outlook is also not as bright.

The department said in a statement as the earthquake that hit on 4th September has left a very huge impact on the building consents in the Canterbury region, its effect is now being shown on the demand in the residential property segment. It is expected that the trend will continue in such a shape at least for the coming few months.