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The Reserve Bank of New Zealand left its benchmark interest rate unchanged at 2.50 percent on Thursday.
RBNZ Governor Alan Bollard also said inflation remains under control.
The Official Cash Rate has been 2.50 percent since March 2011.
"The domestic economy is showing signs of recovery. Housing market activity continues to increase and a recovery in building activity appears to be underway, as forecast," said Ballard's statement. "That recovery will strengthen as repairs and reconstruction in Canterbury pick up later in the year."
Bollard called the current 2.5 percent rate for the OCR "appropriate."
"Inflation is restrained and is expected to stay near the middle of the bank's target range," he said.
