Consents on the High-Rise

Consent figures from June and July, as reported by Stats NZ, indicate a gradual uptick in growth.

“Apartment consents rose in both monthly and annual terms this July,” economic indicators spokesperson Michelle Feyen said. Stand-alone house consents rose 1.7% in the year ended July 2025, while multi-unit home consents were down overall.

Within multi-units, the number of apartments consented increased while the number of townhouses and retirement village units consented decreased.

Auckland drove much of the annual apartment growth, with 1,496 apartments consented, up 57% from the year prior. Urban densification, higher land prices, and demand for the city centre lifestyle might be the reasons.

“After a steep drop in apartment consents last year, we’re now seeing growth led by Auckland,” Feyen said.

There were 33,879 new homes consented in New Zealand in the year up to July 2025, a 0.1% decrease compared to July 2024.

For the first time in two years, Stats NZ recorded annual growth in the number of new homes consented to, Feyen said in June. A 6.3% increase in stand-alone home consents largely drove this.

Auckland consented 14,295 new homes in the year ended June 2025, up 3.2%. Otago saw the fastest growth, with 2,637 new homes consented, representing a 48% increase compared to the previous year.

“It’s the first time since early 2023 that Auckland’s annual consent numbers have increased,” Feyen said. “As the country’s largest region, this rise played a key role in the overall increase in home consents for the year.”

Rising consents do not immediately translate to completed homes due to ongoing labour and supply chain constraints. Consent numbers remain below the 2019 peak, so the industry sentiment of cautious optimism persists.

Stable Yet Quit Property Market

REINZ data shows a relatively stable property market. The median house price remains steady at $770,000 year-on-year.

“We’re seeing a market that is steady on the surface but with some movement underneath at a regional level. The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year,” REINZ Chief Executive Lizzy Ryley says.

“June is typically a quieter month for real estate, and while the seasonal slowdown was expected, sales came in slightly below typical early winter levels. Nationally, seasonally adjusted sales fell by around five per cent, suggesting some caution in the market, but compared to this time last year, sales remain significantly stronger overall.

“Most vendors are entering the market with realistic price expectations and a willingness to adapt to current conditions, especially those motivated to sell. However, many are receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement.”