Residential building consents

Consent weakness persists, although house falls are moderating

2 Jul 2024
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Stefan Rood

Our take on the latest Residential building consents (Tue 2 Jul 2024)

Annual dwelling consents
34,851
As at May 2024
Total consents down 15% from May 2023
House consents down 5.4% from May 2023

The key numbers...

  • There were 3,175 new dwellings consented in May 2024, down 15%  from a year earlier, which saw residential consents resume their annual decline after the Easter-timing related boost in consents in April.
  • Standalone house consents continue to hold at between 15,000 and 16,000pa, a level that has persisted since November last year. Although house consents in May were still down 5.4% from May 2023, the last few months have presented a much less negative picture than the average 27%pa declines that occurred throughout 2023.
  • Townhouse consent numbers in May were still down 18% from a year ago, in line with the average decline over the last year, taking the annual townhouse consent total below 16,000 for the first time since 2021.
  • Apartment consents continue to plummet, down by 52% from May last year, with the annual total of 2,013 consents being the lowest since July 2015. Annual consents for retirement units have also fallen to their lowest level since 2017.

Dwelling consents

Annual running total
5011

...and our reaction

  • Last month we were cautious about reading too much into the stronger consent numbers due to the extra working days in April. The latest figures confirm that the falls in consent numbers are not finished yet.
  •  Nevertheless, the monthly seasonally adjusted consent figure remains in line with the average result since September last year. A continuation of consents at around current levels could see the annual consent total stabilise in the final quarter of this year.
  • This stabilisation in part reflects the effects of high net migration during 2023 on overall demand for housing. However, continued high interest rates are still limiting demand from households and reducing the viability of new projects for developers, and are likely to prevent any significant increase in activity this year.
  • Tight funding conditions, elevated interest rates, and high build costs will continue to weigh on apartment and retirement consents throughout the rest of this year and into 2025.

Latest updates

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Residential building consents

Residential consents fall 3.6% in June

Mon 3 Aug 2026
Monthly
40,581 Annual consents over the June 2026 year
19% June 2026 consents over the June 2026 year
3.6% June 2026 consents from May on a seas. adj. basis
Premium
Residential building consents

Residential consents fall 4.0% in May

Thu 2 Jul 2026
Monthly
39,737 Annual consents over May 2026 year
4.0% May 2026 consents from April on a seas. adj. basis
22%pa Townhouse consents over May 2026 year
Residential building consents

Residential consents jump up 11% in April

Wed 3 Jun 2026
Monthly
39,087 Annual consents over April 2026 year
11% April 2026 consents from March on a seas. adj. basis
19%pa Multi-unit consents over April 2026 year
Residential building consents

Residential consent momentum trends sideways

Fri 1 May 2026
Monthly
37,813 Annual consents over March 2026 year
3,300pm Consents trend sideways on a seas. adj. basis
14%pa Townhouse consents over March 2026 year