Steep decline in new builds
In the year ended July, the number of new homes consented in New Zealand dropped by 22%, totaling 33,921, according to Stats NZ.
“The number of homes consented was down 22% on an annual basis, despite an increase in the July 2024 month,” said Michael Heslop, construction and property statistics manager at Stats NZ.
Multi-unit consents lead decline, stand-alone houses also down
The decline was particularly pronounced in multi-unit homes, which saw a 28% decrease, with only 18,503 consented. Stand-alone houses also experienced a downturn, falling 14% to 15,418 consents over the same period.
Multi-unit homes include townhouses, apartments, and flats.
July sees a temporary uptick in consents
Despite the annual decline, July saw a 9.6% increase in new homes consented compared to July 2023, totaling 3,352.
Heslop attributed this rise to more working days in the month.
“A higher number of working days contributed to the increase in homes consented in July 2024,” he said.
All major areas see fewer consents
All regions in New Zealand saw a decrease in new home consents over the year. Auckland led with 13,662 consents, down 27%, followed by Canterbury (6,762, down 12%), Waikato (3,022, down 27%), and Wellington (2,118, down 35%).
Seasonal adjustments show volatility in consent numbers
When adjusting for seasonal factors, the number of new homes consented in July rose 26% compared to June, following a 17% decline in June, Stats NZ reported.
“The number of homes consented each month can vary significantly due to the timing of large projects,” Heslop said, highlighting the influence of specific projects on monthly figures.
Read the Stats NZ media release.
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