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Per the latest figures released by Stats NZ, 33,632 new homes were consented to in the year ending August 2024, down 20 percent compared with the year ending August 2023. Construction and property statistics manager Michael Heslop says, “The number of multi-unit homes consented in the year ended August 2024 is the lowest in the […]
Per the latest figures released by Stats NZ, 33,632 new homes were consented to in the year ending August 2024, down 20 percent compared with the year ending August 2023.
Construction and property statistics manager Michael Heslop says, “The number of multi-unit homes consented in the year ended August 2024 is the lowest in the last three years.”
He adds that the number of apartments consented to in the year ended August 2024 is the lowest in ten years.
All regions except Otago saw fewer new homes consented to compared with the year ended August 2023.
The five regions with the highest number of new homes consented in the year ended August 2024 were Auckland with 13,748 (down 24 percent compared with the year ended August 2023), Canterbury with 6,713 (down 9.4 percent), Waikato with 2,942 (down 26 percent), Otago with 2,130 (up 1.8 percent), and Wellington with 1,982 (down 39 percent).
“The annual number of homes consented in the Otago region was higher than Wellington for the first time since the year ended October 2017,” Heslop said.
“The annual number of homes consented in the Otago region was higher than Wellington for the first time since the year ended October 2017,” Heslop said.
In the year ending August 2024, 15,597 stand-alone houses were consented to, down 9.7 percent compared with the year ending August 2023.
There were 18,035 multi-unit homes consented, down 27 percent, over the same period. Multi-unit homes include townhouses, apartments, retirement village units, and flats.
Master Builders CEO Anikt Sharma said there’s no denying the current economic conditions have resulted in a slowdown, but that the industry needs to start laying the foundations for the recovery.
“We recognise this is a challenging economic climate, and a lot of our members will be feeling the squeeze.
“Tough times build tough businesses, and the results show that the sector is adapting, finding efficiencies, and diversifying its business models. It highlights we have matured as a sector, and with the right mechanisms and support, we can become even more resilient,” Sharma said.
In Master Builders’ annual State of the Sector survey, 83 percent of respondents flagged access to finance as the biggest challenge for building and construction in the current environment.
Survey respondents said price escalations would be managed (48 percent) and project delays (18 percent) were the two largest concerns heading into the build process.
“It’s incredibly encouraging to see that most homeowners report positive building experiences,” he added.
“We know that many builders are very good at developing strong and positive relationships with their clients.
“Communication and transparency are critical, and having honest and open conversations about the risks and budget contingencies can help ease concerns and further encourage confidence.”