Our take on the latest Residential building consents (Mon 2 Dec 2024)
Dwelling constents
33,467
Over the year to October 2024
Standalone house consents up 8.6% from October 2023
Attached dwelling consents fell 18% from October 2023
The key numbers...
- Overall dwelling consent numbers in October 2024 totalled 2,850, down 6.9% from October last year. Standalone house consents rose 8.6% from October last year, but overall consents were dragged down by an 18% decline in attached dwelling consents, across easing numbers of townhouses, apartments, and retirement units.
- Areas driving the decline in overall dwelling consents were Canterbury (down 131 from October 2023), Wellington (down 117), Northland (down 51), and to a lesser extent Gisborne and Waikato (both down 11). Areas seeing the largest year-on-year rise in consents were Manawatū-Whanganui (up by 55 from October 2023), Auckland (up 42), Hawke’s Bay (up 40), and Otago (up 33).
- Townhouse consent numbers remained low, with October consents falling 15%pa to 1,174, dragging year-end consents down to 14,089. The decline in townhouse consents was driven by weakness in Auckland, Wellington, and Canterbury.
- Apartment consents have been a bit stronger in recent months, but annual consents are still down 47% from the year to October 2023. In October 2024, 183 apartments were consented, with the majority (113) being in Auckland.
- Retirement units lost some momentum, with 130 consents in October, down from an average of 235 in each of the previous three months. The majority of retirement units consented in October were in Canterbury (82). The annual total of 1,776 consents is down 35% from the year to October 2023, but is 11% higher than the trough in June 2024.
Some stabilising in standalone houses
Residential consents, annual running total
...and our reaction
- The latest standalone house consent figures show continued signs of stabilisation. The same cannot be said for multi-unit dwellings, where townhouse and apartment figures are not so promising. Retirement unit consents are showing some signs of life, although to call it a true recovery at this stage would be a bit of a long shot.
- With The Reserve Bank meeting market expectations of a 50-basis point cut to the official cash rate on 27 November, down to 4.25%, and a further 25 or 50 basis point basis point cut possible in February 2026, we could see more life breathed into standalone house consents during 2025. House sales in October were at their strongest monthly level in almost three years (seasonally adjusted), and if buyer demand continues to improve, we should start to see more upward momentum in house prices during next year, which will help to foster more consents.
- Funding conditions for multi-unit developments remain more difficult. However, lower interest rates and a more upbeat outlook for property values should also help to curb the declines in townhouse and apartment consents in coming months.
Latest updates
Premium
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 year3.6% June 2026 consents from May on a seas. adj. basisPremium
Residential building consents
Residential consents fall 4.0% in May
Thu 2 Jul 2026
Monthly
39,737 Annual consents over May 2026 year4.0% May 2026 consents from April on a seas. adj. basis22%pa Townhouse consents over May 2026 yearResidential building consents
Residential consents jump up 11% in April
Wed 3 Jun 2026
Monthly
39,087 Annual consents over April 2026 year11% April 2026 consents from March on a seas. adj. basis19%pa Multi-unit consents over April 2026 yearResidential 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. basis14%pa Townhouse consents over March 2026 year