June consents sink to five-year low

The number of new homes consented in the year ended June 2024 is the lowest it’s been since the year ended June 2019, when only compared to June year ends 

There were 33,627 new homes consented in the year ended June 2024, a decrease of 24.5% compared with the year ended June 2023. 

“The number of homes consented in the year ended June 2024 has fallen to levels last seen five years ago,” said Construction and Property Statistics Manager Michael Heslop. 

In the year ended June 2024, there were 14,916 stand-alone houses consented (-19.4% compared the year ended June 2023) and 18,711 multi-unit homes consented (-28.1% compared with the same time period). 

Of the 18,711 multi-unit homes, there were 15,170 townhouses, flats and units (-19.1% compared with the year ended June 2023), 1,942 apartments (-51.7%) and 1,599 retirement village units (-51%). 

The year ended June 2022 consented the most new homes when compared with the year ended June 2019-2024, with 26,823 multi-unit homes and 21,913 stand-alone houses. 

“The number of both apartments and retirement village units consented in the year ended June 2024 is the lowest in the last nine years,” said Heslop. 

The month of June 2024 saw 2,178 new homes consented – a 36% reduction compared with the month ended June 2023 (3,402). 

Less time to process 

Heslop said that Matariki falling in June 2024 meant there were 18 working days in the month, compared with 21 at the same time last year. 

“The lower number of working days in June 2024 contributed to the decrease in the number of homes consented in the month.” 

There were 1,122 stand-alone houses consented in the month of June 2024, compared with 1,515 in the month of June 2023 – a decrease of 25.9%. 

There were 1,056 multi-unit homes consented in June 2024 – a reduction of 44% when compared with June 2023, which saw 1,887 multi-unit homes consented. 

Of the multi-unit homes, there were 896 townhouses, flats and units (-42.2%), 75 apartments (-48.6%) and 85 retirement village units (-55.3%). 

No regional outliers 

No regions consented more dwellings in the year ended June 2024 compared to the previous year. 

The four regions with the most consents issued were Auckland (13,855; -27%), Canterbury (6,618; -16%), Waikato (3,033; -29%) and Wellington (2,133; -36%). 

“Wellington city has seen a significant drop in the number of new homes consented, largely driven by a decrease in apartments,” said Heslop. 

Consents down per 1,000 residents  

In terms of dwellings consented per 1,000 residents, the figures for the year ended June 2024 declined compared with the year ended June 2023 (6.4 vs 8.6). 

Three regions consented above national levels: Auckland (8), Otago (7) and Canterbury (9.9) 

Non-residential building consents down 

In the year ended June 2024, non-residential building consents totalled $9.1bn, down 9.6% from the year ended June 2023. The building types with the highest value were: 

• Offices, administration and public transport buildings – $1.6bn (-2.7%). 

• Hospitals, nursing homes, and health buildings – $1.5bn (-9.7%). 

• Storage buildings – $1.4bn (+2.1%).