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Residential building consents

Attached dwellings rise after almost two years

13 Jan 2025

Our take on the latest Residential building consents (Mon 13 Jan 2025)

Dwelling consents

33,609

Over the year to November 2024

Standalone house consents down 4.1% from November 2023

Attached dwelling consents up 14% from November 2023

The key numbers...

Dwelling consent numbers in November totalled 3,100, up 4.8%pa from November 2023.
Standalone house consents fell 4.1% in November from a year ago, the first annual decline since June 2024. In contrast, attached dwelling consents rose by 14%pa, the first increase from a year ago since January 2023.
Townhouse consent numbers rose 15% in November from a year ago. Townhouse consents had been falling compared to a year ago since December 2022 as high interest rates reduced investment in this build type.
Retirement units had largely bucked the trend in attached dwelling consents with strong months in the September quarter, but there were just 75 units consented in November, down 28%pa, the lowest monthly total since January 2024. Canterbury led the regions (20), followed by Wellington (16) and Otago (14).
Apartment consents have strengthened in recent months after declining sharply in 2023 and the first half of 2024, but the annual consent total is still down 37% from the year to November 2023. A recovery in consents in Auckland has driven the stronger numbers over the past three months, leading the regions in November with 106 of the 186 consents, followed by Wellington (46) and Bay of Plenty (24).

Signs of life in non-house consents

Consents by dwelling type, annual running total

5138

...and our reaction

Standalone consent figures were showing signs of stabilisation in recent months, with consents rising from a year ago for four consecutive months. The 4.1%pa decline in November is not of concern for this trend, as monthly consents for this build type remain stable around the 1,400 mark.
Attached dwelling figures have declined sharply from the all-time highs seen in 2022, with the annual total down 38% in October 2024 from the record in the year to January 2023. Retirement units were the first build type in the category to show signs of improving sentiment in July, with apartments following in September. Townhouses, which generally make up over 80% of attached dwelling figures, had continued to fall, driving total attached dwelling down further until November.
Townhouse consents totalled 1,437 in November were led by Auckland (742) and Canterbury (297). Otago (114) had a record month (since data began in April 1990), surpassing its previous high of 103 in July 2022. With 92 townhouses, Bay of Plenty also exceeded its previous record of 87 consents in April 2024.
Funding conditions for attached dwelling developments should continue to improve in 2025 as the official cash rate is lowered further, encouraging investors back into the market. We expect to see townhouse and apartment consents to show further signs of recovery in the coming months.

Latest updates

Residential building consents

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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

Residential building consents

Residential consents fall 4.0% in May

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

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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

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