New housing consents surge - non-residential consents slump
New Zealand residential building consents reached a four-year high in the June quarter, with over 10,000 new dwellings approved. Conversely, non-residential construction activity saw a significant decline, marking its lowest Q2 level since 2021.
Why it matters
The data highlights a divergence in the construction sector, reflecting shifting investment priorities and potential economic headwinds in the commercial property market.
The number of new homes being consented hit a four year high in the June quarter (Q2).
According to Statistics NZ, 10,964 new dwellings were consented throughout the country in Q2 this year, up 33.8% compared to Q2 last year and the highest in Q2 since 2022.
It was also the most new dwellings consented in any quarter since the fourth quarter (Q4) 2022.
In the 12 months to June this year, 40,581 new dwellings were consented, up 19.4% compared to the 12 months to June last year.
The total construction value of the new homes consented in the June year was $18.218 billion, up 17.9% compared to the previous 12 months.
Stand alone houses remain the most popular type of new home, with 18,627 consented in the 12 months to June this year, followed by 17,675 townhouses and units, 2505 apartments and 1774 retirement village units.
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