Homebuilding trend remains soft, new house consents fall 22%

The number of new homes consented for building fell 22% in the year to July 2024, Stats NZ said today. There were 33,921 new homes consented over that period, down from 43,487 in the 12 months to July 2023. Levels haven’t been this low since February 2019 when 34,262 new homes were consented on an annual basis.

Westpac senior economist Michael Gordon said the trend in homebuilding remained soft. “The softness in residential construction reflects tough financial conditions in the building sector,” he said..