NZ housing consents plunge 22% in 12m

New Zealand’s housing consents experienced a sharp decline in the year ending July 2024, with the number of new homes consented falling by 22 per cent compared to the previous year.

A total of 33,921 new homes were consented during the period, showing a notable decline from the 43,598 consents granted in the year leading up to July 2023, as reported by Statistics New Zealand (Stats NZ) on Friday.

The decline was due to a reduction in multi-unit homes, such as townhouses and apartments. Consents for these types of dwellings shrunk by 28 per cent to 18,503. Meanwhile, consents for standalone houses fell by 14 per cent to 15,418.

In July 2024, there was a slight increase in new home consents, with 3,352 homes approved, up 9.6 per cent from the previous month. Stats NZ credited this rise to more working days in July.

Attribution: Stats NZ report

Subediting: M. S. Salama