Our take on the latest Residential building consents (Wed 14 Jan 2026)
Dwelling consents
35,969
Over the year toNovember 2025
Total consents up 14%pa from Nov 2024
Townhouse consents up 11%pa from Nov 2024
The key numbers...
- There were 3,517 new dwelling consents issued in November, up 14% from November 2024. The annual total rose to 35,969 in November, its highest level since February 2024 and 7.0% higher than over the year to November 2024.
- All dwelling consent categories except for apartment units saw rises from November 2024, with most of the lift coming from house consents (up 205) and townhouses (up 159). House consents were up 15% from November 2024, townhouses rose 11%, retirement units rose 73% (albeit from a low level), while apartment units were down 1.1%.
- There were 825 consents issued in Canterbury in November, 34%pa higher in than November 2024, and this monthly total was the highest for the region since August 2022. The strong result for Canterbury was helped by 329 townhouses (highest since August 2022) and 66 apartment consents.
- Retirement units remain weak, with just 1,291 units consented over the year to November. Although the annual total has bounced up 5.8% from a low in September, it is lower than at any other time since April 2013.
Annual dwelling consent total approaching 36,000pa
Dwelling consents issued, annual running total
...and our reaction
- Dwelling consents have gathered strength in recent months, with the 10,784 consents issued over the three months to November 2025 the strongest three-month period since January 2023. The annual consent total is also approaching 36,000, a level last seen in February 2024.
- The rise in dwelling consents is running slightly ahead of our October 2025 forecasts, but the general upward momentum driven by low interest rates is aligned with our broad view of lifting consent issuance. We expect the annual consent total to reach around 38,400 over the year to September 2026, with risks to the upside given recent strength in consents.
- Despite low interest rates, the expected rally over much of 2026 is unlikely to persist over the medium term, given weakness in net migration and population growth. Our updated view on the outlook for the building industry will be released on 30 January.
Latest updates
Premium
Residential building consents
Modest growth in residential consents
Tue 3 Mar 2026
Monthly
36,944 Dwelling consents over the year to January 2026
1.9% Dwelling consents from December 2025 (seasonally adjusted)14% Annual townhouse consents from the year to January 2025Premium
Residential building consents
Residential consents above 36,000pa again
Tue 3 Feb 2026
Monthly
36,619 Dwelling consents over the year to December 2025
97% Retirement units in the December 2025 quarter compared to 202414% Annual townhouse consents over 2025Residential building consents
Townhouses push dwelling consents higher
Mon 1 Dec 2025
Monthly
35,552 Dwelling consents over the year to October 2025
Total consents up 24%pa from Oct 2024Townhouse consents up 37%pa from Oct 2024