March consents drop by 25%

The year ended March 2024 saw 11,689 fewer new homes consented than during the year ended March 2023 

There were 35,236 new homes consented in the year ended March 2024, which represents a 24.9% reduction compared with the year ended March 2023, which had 46,925 new homes consented.

“The annual number of new homes consented has continued to decrease from its peak of 51,015 in the year ended May 2022,” said Construction and Property Statistics Manager Michael Heslop. 

In the year ended March 2024, there were 15,166 stand-alone homes consented, a drop of 23% when compared with the year ended March 2023. There were also 20,070 multi-unit homes consented in the year ended March 2024 – a 26.2% reduction compared with the same period. Of the multi-unit homes, 2,188 were apartments and 1,716 retirement village units.  

In March 2024, 2,931 new homes were consented – 26% less than in the same period the previous year. Of the new homes consented, there were 1,680 multi-unit homes (-29.6%) and 1,251 stand-alone houses (-21.1%). Of the multi-unit homes, 1,297 were townhouses, flats and units (-28.8%), 224 apartments (-31.5%) and 159 retirement village units (-32.9%). 

“The 2,188 apartments consented in the year ended March 2024 is the lowest in nearly eight years,” added Heslop.  

In seasonally adjusted terms, the number of new homes consented in March 2024 fell 0.2%, following a 16% seasonally adjusted rise in February 2024. 

Similar regional outlook

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

The four regions with the most consents issued were Auckland (14,699; -28%), Canterbury (6,575; -20%) Waikato (3,228; -28%) and Wellington (2,358; -35%). 

Consents down per 1,000 residents

In terms of dwellings consented per 1,000 residents, the figures for the year ended March 2024 declined compared with the year ended March 2023 (6.7 vs 9.1). 

Three regions consented above national levels: Auckland (8.5), Otago (7.7) and Canterbury (9.9). 

Non-residential building consents up

In the year ended March 2024, non-residential building consents totalled $9.5bn, down 1.1% from the year ended March 2023. The building types with the highest value were: 

• Offices, administration and public transport buildings – $1.6bn (-3.4%). 
• Hospitals, nursing homes, and health buildings – $1.6bn (+15%). 
• Storage buildings – $1.4bn (-5.9%).