Our take on the latest Residential building consents (Thu 2 Jul 2026)
Annual consents
May 2026 consents
Townhouse consents
39,737
4.0%
22%paOver May 2026 year
From April on a seas. adj. basis
Over May 2026 year
The key numbers...
- There were 3,801 residential dwelling consents issued in May 2026, falling 4.0% from April 2026 (seasonally adjusted) following April’s 11% rise.
- Over the year to May 2026, a total of 39,737 new dwellings were consented, which was 19% higher than the May 2025 year, and the highest annual level since the year to October 2023.
- All dwelling types have grown. Non-house consents are leading the way, increasing 20%pa over the year to May 2026 - making up 54% of all dwelling consents over the year to May 2026).
- House consents were only a little way behind, growing 17%pa over the year to May 2026. Townhouse consents rose 22%pa, making up 43% of all dwelling consents over the year to May 2026. Apartment consents rose 20%pa, and retirement village units rose by 3.4%pa.
- Auckland and Canterbury continue to dominate regionally, with residential consents increasing 22%pa and 30%pa respectively over the year to May 2026 and together making up 80% of dwelling consent growth over that period. Nelson (53%pa) Gisborne (45%pa), Southland (31%pa), and Marlborough (22%pa) also recorded strong growth, but with lower numbers of consents. Marlborough recorded the second consecutive month that dwelling consents have risen following 28 months of falls.
...and our reaction
- After April’s surprisingly strong 11% monthly growth in consents (seasonally adjusted) it was back down to earth with a bump in May as consents fell 4.0%. Consents have now fallen in five of the past 12 months, however the trajectory remains broadly upward.
- Higher materials costs and broader economic uncertainty stemming from the Iran War were front and centre in May, likely encouraging a pause in residential building decisions
- With house prices falling 0.6%pa in May 2026 and increases in the official cash rate widely expected before year end, we see little reason to expect further growth in dwelling consents in the coming months.
- The quick moderation in fuel prices following the signing of the memorandum of understanding between the US and Iran should see less sustained cost pressures throughout the economy (including the construction sector). Strengthening migration could also add some pep to residential consents heading into next year, but the impact will be limited as migration has most likely peaked.
Latest updates
Premium
Residential building consents
Residential consents fall 4.2% in July
Wed 2 Sept 2026
Monthly
40,908 Annual res consents over the July 2026 year
21%pa Annual consents lifted over the July 2026 year4.2% July 2026 consents from June on a seas. adj. basisPremium
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. basisResidential 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 year