Auckland apartment pipeline hits decade-low

The number of apartment projects under way in Auckland has fallen to its lowest level in more than a decade, according to commercial real estate services firm CBRE

CBRE’s May 2026 Auckland Apartments report shows the total pipeline declined from 50 to 44 projects in the first quarter of 2026, the lowest level since CBRE’s records began in 2014.

The fall leaves the pipeline well below the market peak of 180 projects five years ago.

CBRE said the decline was driven by new launches failing to offset completions and abandonments. Seven projects were launched during the quarter, while six were completed and eight were abandoned.

The pipeline covers projects being marketed for pre-sale, projects with building consent issued, and projects under construction. Social housing apartments and build-to-rent apartments are included from the building consent stage onwards, while student accommodation and licence-to-occupy retirement village units are excluded.

Pre-sales remain subdued

The report recorded just 17 apartment pre-sales in Q1 2026. CBRE said that was comparable to the previous quarter, but underwhelming because the period is usually seasonally strong for transactions.

CBRE said most of the recent abandoned projects had been marketed for at least a year with no meaningful pre-sale traction before being pulled from the pipeline.

The eight abandoned projects in Q1 2026 was up significantly on the previous quarter, when only one was abandoned. However, a similar jump was recorded a year earlier, when abandonments increased from one in Q4 2024 to seven in Q1 2025.

Build-to-rent and unsold units in focus

CBRE also noted the completion of a new build-to-rent (BTR) development in Mt Wellington, which it said made the complex the largest operational BTR facility in New Zealand.

Although the total number of unsold saleable units fell by approximately 400 from Q4 2025 to Q1 2026, CBRE said residual stock still increased meaningfully in Onehunga and Mt Albert.

That suggests the overall reduction in unsold stock was not evenly spread across the market, with some suburbs continuing to record higher levels of apartments available for sale but not yet sold.

Stats NZ consenting figures tell another story

While CBRE’s report showed Auckland’s active apartment pipeline falling in Q1 2026, Stats NZ consent data for April 2026, previously reported by Under Construction, pointed to stronger planned residential activity immediately after the quarter ended.

The data shows apartment consents increased from 265 in March 2026 to 499 in April 2026, a rise of 88.3%.

Apartment consents were also much higher than a year earlier. Stats NZ recorded 80 apartment consents in April 2025, compared with 499 in April 2026 (+523.8%).

Growth in apartment consents sat within a broader increase in multi-unit homes, which includes apartments, retirement village units, townhouses, flats and units. Multi-unit home consents rose from 1,948 in March 2026 to 2,088 in April 2026, an increase of 7.2%.

The figures are not directly comparable with CBRE’s pipeline data, which tracks Auckland apartment projects being marketed for pre-sale, consented or under construction. However, they suggest that consented intentions may be lifting even as Auckland’s active apartment development pipeline remains subdued.

For a closer look at the Stats NZ April 2026 building consent data, read the full story here.