September consents down

The year ended September 2024 saw a 16.7% decrease in the number of new homes consented compared with the year ended September 2023, but Stats NZ says the pace is easing

At total of 33,677 new homes were consented, consisting of 15,775 stand-alone (-5.1%) and 17,902 multi-unit homes (-24.7%). Of the multi-unit homes consented in the year ended September 2024, 14,295 were townhouses, flats and units (-20%), 1,830 retirement village units (-31.9%) and 1,777 apartments (-44.9).

Stats NZ Economic Indicators Manager Michael Heslop said that while the annual number of new homes consented is still decreasing “the pace is easing”.

Positive indicators

Digging behind the numbers, there was a slight increase in the number of new homes consented in the September 2024 quarter, which saw 9,176 houses consented – an increase of 0.5% compared to the September 2023 quarter.

“The September 2024 quarter marked the first quarter where there was a year-on-year increase in the number of stand-alone houses consented since December 2021,” noted Heslop.

Of the 9,176 new homes consented, there were 4,485 stand-alone houses (up 24%) and 4,691 multi-unit homes (-15%). The multi-unit homes included 3,561 townhouses, flats and units (-20%), 706 retirement village units (+49%) and 424 apartments (-28%).

The month of September 2024 also saw an increase of 1.6% compared to the month of September 2023, which consented 2,898 new dwellings. In September 2024, 2,943 new dwellings were consented, comprising 1,378 stand-alone houses, 1,091 townhouses, flats and units, 277 apartments and 197 retirement village units.

Regional outlook

All but two regions consented fewer dwellings in the year ended September 2024 compared to the previous year.

The four regions with the most consents issued were Auckland (13,821; -19%), Canterbury (6,702; -7%) Waikato (2,887; -25%) and Otago (2,182; +9.3%).

Alongside Otago, Nelson was the other region to consent more homes in the year ended September 2024 when compared to the previous year (243; +5.2%).

In terms of dwellings consented per 1,000 residents, the figures for the year ended September 2024 declined compared with the year ended September 2023 (6.3 vs 7.8).

Three regions consented above national levels: Auckland (7.7), Otago (8.5) and Canterbury (9.7).

Non-residential consents down

In the year ended September 2024, non-residential building consents totaled $9.1bn, down 6.4% from the year ended September 2023. The building types with the highest value were:

• Offices, administration and public transport buildings – $1.7bn (+15%).
• Storage buildings – $1.3bn (-11%).
• Hospitals, nursing homes, and health buildings – $1.3bn (-14%).