The third quarter (Q3) saw a big jump in the number of new dwellings consented, and also a big change in the type of dwellings consented.
According to Statistics NZ, 9176 new dwellings were consented in Q3 this year, barely changed from 9126 in Q3 last year, but up 9.8% compared to Q2 this year.
Q3 was also the second straight quarter the number of new homes consented has increased from the previous quarter, bringing an end to an 18 month run of declines in the number of new homes being consented.
However, the number of new homes being consented remains well down (-30.8%) from the quarterly peak of 13,251 homes consented in Q3 2021. And the estimated value of new residential construction work, excluding alterations, has declined from $5.494 billion to $4.142 billion (-24.6%) over the same period.
While the drop in residential consents that has occurred since late 2022 will be being felt across the building industry, the latest results do at least hold out the hope that the recent declines in new residential building work may have bottomed out.
It is not just the number of new homes being consented that has changed, there has also been some big changes in the types of homes being consented, with the latest figures showing fewer apartments and townhouses/units in the pipeline and more stand alone houses and retirement units.
The biggest surprise in the latest figures is for more stand alone houses after several years of declines in which multi-unit housing has provided most of the housing market's growth.
The latest figures show the number of stand alone houses being consented hit a recent low of 3447 in the first quarter of this year, then increased to 4031 in Q2 and 4485 in Q3, which was up by 17.7% compared to Q3 last year.
There was also a sharp increase in the number of retirement village units being consented, with 706 consented in Q3 this year, more than double the number consented in Q2, and up 32.7% compared to Q3 last year.
On the downside, the number of new apartments and townhouses/home units being consented remains in the doldrums.
Just 424 new apartments were consented throughout the country in Q3 this year. That's down 28% compared to Q3 last year, and down a whopping 69.3% compared to Q3 2022.
Interestingly, the size of the apartments being consented appears to be shrinking.
The average size of the new apartments consented in Q3 this year was 80 square metres, down from 86sqm in Q3 last year.
That was the smallest average floor area for new apartment consents in 13 years.
The number of townhouses/home units consented dropped to 3561 in Q3 this year, down by 19.7% compared to Q3 last year and -33% compared to Q3 2022.
The tables below show the number and value of new residential consents by dwelling type issued throughout the country, as well and their average size, value and the estimated value per square metre.
The same information is available for each of the main centres by clicking on the following links: Auckland, Waikato, Bay of Plenty, Wellington Region, Canterbury and Otago.
| Quarterly New Dwelling Consent Analysis | ||||||
| By Dwelling Type | ||||||
| All of Aotearoa | ||||||
| Q1 2010 - Q3 2024 | ||||||
| Total of All Dwelling Types | ||||||
| Quarter | Total number consented | Total value of work consented | Total Floor area consented SQM | Average value of work consented | Average floor area per dwelling SQM | Average value of work per SQM |
| 2010Q1 | 3,918 | $1,092,491,913 | 792,202 | $278,839 | 202 | $1,379 |
| 2010Q2 | 4,133 | $1,148,506,538 | 830,045 | $277,887 | 201 | $1,384 |
| 2010Q3 | 3,964 | $1,100,004,857 | 784,888 | $277,499 | 198 | $1,401 |
| 2010Q4 | 3,587 | $999,613,297 | 705,989 | $278,677 | 197 | $1,416 |
| 2011Q1 | 2,927 | $858,993,336 | 582,930 | $293,472 | 199 | $1,474 |
| 2011Q2 | 3,061 | $847,171,715 | 583,881 | $276,763 | 191 | $1,451 |
| 2011Q3 | 3,925 | $1,019,752,836 | 703,038 | $259,810 | 179 | $1,450 |
| 2011Q4 | 3,749 | $1,091,966,848 | 747,677 | $291,269 | 199 | $1,460 |
| 2012Q1 | 3,861 | $1,093,989,659 | 744,183 | $283,344 | 193 | $1,470 |
| 2012Q2 | 3,879 | $1,134,677,550 | 765,836 | $292,518 | 197 | $1,482 |
| 2012Q3 | 4,511 | $1,362,771,886 | 881,959 | $302,100 | 196 | $1,545 |
| 2012Q4 | 4,678 | $1,411,595,059 | 945,714 | $301,752 | 202 | $1,493 |
| 2013Q1 | 4,329 | $1,339,099,458 | 867,666 | $309,332 | 200 | $1,543 |
| 2013Q2 | 5,265 | $1,596,397,974 | 1,007,775 | $303,209 | 191 | $1,584 |
| 2013Q3 | 5,503 | $1,716,630,617 | 1,074,222 | $311,945 | 195 | $1,598 |
| 2013Q4 | 6,193 | $1,847,297,697 | 1,135,898 | $298,288 | 183 | $1,626 |
| 2014Q1 | 5,411 | $1,782,080,192 | 1,074,745 | $329,344 | 199 | $1,658 |
| 2014Q2 | 6,209 | $1,934,894,380 | 1,161,058 | $311,627 | 187 | $1,666 |
| 2014Q3 | 6,326 | $1,990,986,274 | 1,165,846 | $314,731 | 184 | $1,708 |
| 2014Q4 | 6,771 | $2,140,559,192 | 1,222,174 | $316,136 | 181 | $1,751 |
| 2015Q1 | 5,732 | $1,915,627,279 | 1,064,972 | $334,199 | 186 | $1,799 |
| 2015Q2 | 6,325 | $2,035,139,405 | 1,143,236 | $321,761 | 181 | $1,780 |
| 2015Q3 | 7,357 | $2,309,312,838 | 1,299,334 | $313,893 | 177 | $1,777 |
| 2015Q4 | 7,718 | $2,536,419,254 | 1,347,660 | $328,637 | 175 | $1,882 |
| 2016Q1 | 6,389 | $2,424,071,042 | 1,210,899 | $379,413 | 190 | $2,002 |
| 2016Q2 | 7,633 | $2,630,820,634 | 1,410,083 | $344,664 | 185 | $1,866 |
| 2016Q3 | 8,259 | $2,800,748,281 | 1,467,012 | $339,115 | 178 | $1,909 |
| 2016Q4 | 7,785 | $2,791,931,153 | 1,382,396 | $358,630 | 178 | $2,020 |
| 2017Q1 | 6,949 | $2,554,742,621 | 1,263,359 | $367,642 | 182 | $2,022 |
| 2017Q2 | 7,460 | $2,746,384,272 | 1,317,109 | $368,148 | 177 | $2,085 |
| 2017Q3 | 8,698 | $3,232,906,731 | 1,500,506 | $371,684 | 173 | $2,155 |
| 2017Q4 | 7,980 | $2,941,283,967 | 1,412,185 | $368,582 | 177 | $2,083 |
| 2018Q1 | 7,254 | $2,806,090,816 | 1,267,785 | $386,834 | 175 | $2,213 |
| 2018Q2 | 8,928 | $3,146,324,707 | 1,475,414 | $352,411 | 165 | $2,133 |
| 2018Q3 | 8,386 | $3,092,212,188 | 1,417,583 | $368,735 | 169 | $2,181 |
| 2018Q4 | 8,428 | $3,136,411,674 | 1,434,370 | $372,142 | 170 | $2,187 |
| 2019Q1 | 8,774 | $3,351,453,711 | 1,405,855 | $381,976 | 160 | $2,384 |
| 2019Q2 | 9,216 | $3,459,449,473 | 1,467,721 | $375,374 | 159 | $2,357 |
| 2019Q3 | 10,032 | $3,590,743,962 | 1,565,306 | $357,929 | 156 | $2,294 |
| 2019Q4 | 9,605 | $3,494,329,054 | 1,507,169 | $363,803 | 157 | $2,318 |
| 2020Q1 | 8,764 | $3,319,487,640 | 1,417,521 | $378,764 | 162 | $2,342 |
| 2020Q2 | 9,213 | $3,362,933,232 | 1,430,076 | $365,020 | 155 | $2,352 |
| 2020Q3 | 10,152 | $3,803,856,696 | 1,591,037 | $374,690 | 157 | $2,391 |
| 2020Q4 | 11,291 | $4,046,563,050 | 1,719,604 | $358,388 | 152 | $2,353 |
| 2021Q1 | 10,376 | $3,962,390,770 | 1,626,789 | $381,880 | 157 | $2,436 |
| 2021Q2 | 12,512 | $4,777,119,299 | 1,946,523 | $381,803 | 156 | $2,454 |
| 2021Q3 | 13,251 | $5,030,825,498 | 2,018,598 | $379,656 | 152 | $2,492 |
| 2021Q4 | 12,868 | $5,040,786,327 | 1,945,056 | $391,730 | 151 | $2,592 |
| 2022Q1 | 12,333 | $4,866,037,803 | 1,805,275 | $394,554 | 146 | $2,695 |
| 2022Q2 | 12,284 | $5,049,928,794 | 1,821,211 | $411,098 | 148 | $2,773 |
| 2022Q3 | 13,247 | $5,494,299,654 | 1,899,873 | $414,758 | 143 | $2,892 |
| 2022Q4 | 11,674 | $4,821,832,632 | 1,647,052 | $413,040 | 141 | $2,928 |
| 2023Q1 | 9,720 | $4,283,367,082 | 1,385,593 | $440,676 | 143 | $3,091 |
| 2023Q2 | 9,888 | $4,347,071,458 | 1,391,619 | $439,631 | 141 | $3,124 |
| 2023Q3 | 9,126 | $4,009,125,652 | 1,242,986 | $439,308 | 136 | $3,225 |
| 2023Q4 | 8,505 | $3,819,890,023 | 1,182,806 | $449,135 | 139 | $3,230 |
| 2024Q1 | 7,717 | $3,570,300,269 | 1,089,934 | $462,654 | 141 | $3,276 |
| 2024Q2 | 8,279 | $3,858,708,958 | 1,178,818 | $466,084 | 142 | $3,273 |
| 2024Q3 | 9,176 | $4,142,101,560 | 1,260,786 | $451,406 | 137 | $3,285 |
| Stand Alone Houses | ||||||
| Quarter | Total number consented | Total value of work consented | Total Floor area consented SQM | Average value of work consented | Average floor area per dwelling SQM | Average value of work per SQM |
| 2010Q1 | 3,371 | $997,902,159 | 725,668 | $296,026 | 215 | $1,375 |
| 2010Q2 | 3,500 | $1,043,317,799 | 753,175 | $298,091 | 215 | $1,385 |
| 2010Q3 | 3,301 | $987,432,259 | 710,598 | $299,131 | 215 | $1,390 |
| 2010Q4 | 2,894 | $895,845,104 | 632,756 | $309,553 | 219 | $1,416 |
| 2011Q1 | 2,384 | $763,579,149 | 519,896 | $320,293 | 218 | $1,469 |
| 2011Q2 | 2,554 | $758,001,633 | 533,518 | $296,790 | 209 | $1,421 |
| 2011Q3 | 3,092 | $909,546,034 | 633,666 | $294,161 | 205 | $1,435 |
| 2011Q4 | 3,082 | $952,971,793 | 663,143 | $309,206 | 215 | $1,437 |
| 2012Q1 | 3,119 | $988,991,534 | 671,566 | $317,086 | 215 | $1,473 |
| 2012Q2 | 3,204 | $1,016,933,842 | 685,813 | $317,395 | 214 | $1,483 |
| 2012Q3 | 3,578 | $1,155,358,981 | 768,703 | $322,906 | 215 | $1,503 |
| 2012Q4 | 3,832 | $1,263,470,516 | 831,347 | $329,716 | 217 | $1,520 |
| 2013Q1 | 3,707 | $1,222,058,155 | 793,777 | $329,662 | 214 | $1,540 |
| 2013Q2 | 4,116 | $1,364,717,911 | 873,821 | $331,564 | 212 | $1,562 |
| 2013Q3 | 4,452 | $1,500,353,005 | 949,138 | $337,007 | 213 | $1,581 |
| 2013Q4 | 4,446 | $1,559,207,398 | 960,050 | $350,699 | 216 | $1,624 |
| 2014Q1 | 4,477 | $1,573,348,742 | 964,280 | $351,429 | 215 | $1,632 |
| 2014Q2 | 4,549 | $1,613,159,179 | 966,198 | $354,618 | 212 | $1,670 |
| 2014Q3 | 4,559 | $1,646,903,070 | 971,228 | $361,242 | 213 | $1,696 |
| 2014Q4 | 4,774 | $1,726,095,848 | 1,009,981 | $361,562 | 212 | $1,709 |
| 2015Q1 | 4,130 | $1,564,391,123 | 873,525 | $378,787 | 212 | $1,791 |
| 2015Q2 | 4,454 | $1,634,053,834 | 931,211 | $366,873 | 209 | $1,755 |
| 2015Q3 | 5,197 | $1,879,395,575 | 1,071,112 | $361,631 | 206 | $1,755 |
| 2015Q4 | 5,257 | $1,958,094,444 | 1,095,821 | $372,474 | 208 | $1,787 |
| 2016Q1 | 4,813 | $1,862,311,582 | 1,009,767 | $386,934 | 210 | $1,844 |
| 2016Q2 | 5,561 | $2,108,614,716 | 1,154,815 | $379,179 | 208 | $1,826 |
| 2016Q3 | 5,668 | $2,188,486,840 | 1,181,257 | $386,113 | 208 | $1,853 |
| 2016Q4 | 5,268 | $2,084,388,108 | 1,100,829 | $395,670 | 209 | $1,893 |
| 2017Q1 | 4,937 | $1,994,483,503 | 1,024,812 | $403,987 | 208 | $1,946 |
| 2017Q2 | 5,217 | $2,075,096,529 | 1,068,790 | $397,757 | 205 | $1,942 |
| 2017Q3 | 5,768 | $2,374,110,932 | 1,185,032 | $411,600 | 205 | $2,003 |
| 2017Q4 | 5,100 | $2,180,579,964 | 1,076,735 | $427,565 | 211 | $2,025 |
| 2018Q1 | 4,797 | $2,074,292,078 | 993,665 | $432,414 | 207 | $2,088 |
| 2018Q2 | 5,511 | $2,305,565,827 | 1,102,455 | $418,357 | 200 | $2,091 |
| 2018Q3 | 5,284 | $2,249,821,808 | 1,062,332 | $425,780 | 201 | $2,118 |
| 2018Q4 | 5,533 | $2,336,204,320 | 1,096,679 | $422,231 | 198 | $2,130 |
| 2019Q1 | 5,288 | $2,290,104,398 | 1,039,628 | $433,076 | 197 | $2,203 |
| 2019Q2 | 5,333 | $2,329,805,563 | 1,051,290 | $436,866 | 197 | $2,216 |
| 2019Q3 | 5,803 | $2,453,599,986 | 1,117,856 | $422,816 | 193 | $2,195 |
| 2019Q4 | 5,845 | $2,504,148,682 | 1,111,880 | $428,426 | 190 | $2,252 |
| 2020Q1 | 5,310 | $2,309,224,920 | 1,018,836 | $434,882 | 192 | $2,267 |
| 2020Q2 | 5,183 | $2,226,878,229 | 993,413 | $429,650 | 192 | $2,242 |
| 2020Q3 | 5,790 | $2,531,113,715 | 1,104,581 | $437,153 | 191 | $2,291 |
| 2020Q4 | 5,929 | $2,636,003,782 | 1,150,621 | $444,595 | 194 | $2,291 |
| 2021Q1 | 5,873 | $2,650,151,118 | 1,141,602 | $451,243 | 194 | $2,321 |
| 2021Q2 | 6,940 | $3,216,118,276 | 1,347,374 | $463,418 | 194 | $2,387 |
| 2021Q3 | 6,721 | $3,220,054,973 | 1,309,331 | $479,104 | 195 | $2,459 |
| 2021Q4 | 6,053 | $3,037,854,669 | 1,187,325 | $501,876 | 196 | $2,559 |
| 2022Q1 | 5,688 | $2,895,090,336 | 1,091,589 | $508,982 | 192 | $2,652 |
| 2022Q2 | 5,451 | $2,934,759,116 | 1,076,636 | $538,389 | 198 | $2,726 |
| 2022Q3 | 5,505 | $3,062,608,399 | 1,066,565 | $556,332 | 194 | $2,871 |
| 2022Q4 | 4,756 | $2,648,348,382 | 902,571 | $556,844 | 190 | $2,934 |
| 2023Q1 | 3,956 | $2,328,068,047 | 756,976 | $588,490 | 191 | $3,075 |
| 2023Q2 | 4,281 | $2,373,950,140 | 788,108 | $554,532 | 184 | $3,012 |
| 2023Q3 | 3,626 | $2,063,887,473 | 654,746 | $569,191 | 181 | $3,152 |
| 2023Q4 | 3,812 | $2,142,616,418 | 686,832 | $562,071 | 180 | $3,120 |
| 2024Q1 | 3,447 | $2,022,794,251 | 626,857 | $586,827 | 182 | $3,227 |
| 2024Q2 | 4,031 | $2,325,741,989 | 724,299 | $576,964 | 180 | $3,211 |
| 2024Q3 | 4,485 | $2,395,450,186 | 755,865 | $534,103 | 169 | $3,169 |
| Apartments | ||||||
| Quarter | Total number consented | Total value of work consented | Total Floor area consented SQM | Average value of work consented | Average floor area per dwelling SQM | Average value of work per SQM |
| 2010Q1 | 61 | $11,246,698 | 6,549 | $184,372 | 107 | $1,717 |
| 2010Q2 | 83 | $13,299,750 | 11,391 | $160,238 | 137 | $1,168 |
| 2010Q3 | 140 | $29,725,000 | 9,866 | $212,321 | 70 | $3,013 |
| 2010Q4 | 185 | $29,083,384 | 23,469 | $157,207 | 127 | $1,239 |
| 2011Q1 | 157 | $34,049,000 | 18,610 | $216,873 | 119 | $1,830 |
| 2011Q2 | 59 | $19,400,036 | 6,813 | $328,814 | 115 | $2,848 |
| 2011Q3 | 100 | $14,860,500 | 6,491 | $148,605 | 65 | $2,289 |
| 2011Q4 | 144 | $44,001,992 | 28,147 | $305,569 | 195 | $1,563 |
| 2012Q1 | 156 | $18,213,000 | 13,077 | $116,750 | 84 | $1,393 |
| 2012Q2 | 147 | $27,970,500 | 19,794 | $190,276 | 135 | $1,413 |
| 2012Q3 | 300 | $100,434,500 | 39,761 | $334,782 | 133 | $2,526 |
| 2012Q4 | 113 | $42,310,500 | 29,213 | $374,429 | 259 | $1,448 |
| 2013Q1 | 132 | $22,619,119 | 13,830 | $171,357 | 105 | $1,636 |
| 2013Q2 | 332 | $92,417,685 | 37,739 | $278,367 | 114 | $2,449 |
| 2013Q3 | 286 | $77,689,465 | 31,033 | $271,641 | 109 | $2,503 |
| 2013Q4 | 801 | $113,015,795 | 68,415 | $141,093 | 85 | $1,652 |
| 2014Q1 | 179 | $69,131,850 | 27,617 | $386,211 | 154 | $2,503 |
| 2014Q2 | 515 | $108,179,842 | 66,450 | $210,058 | 129 | $1,628 |
| 2014Q3 | 418 | $85,094,700 | 38,565 | $203,576 | 92 | $2,207 |
| 2014Q4 | 609 | $141,757,207 | 58,808 | $232,770 | 97 | $2,411 |
| 2015Q1 | 328 | $76,784,346 | 43,585 | $234,099 | 133 | $1,762 |
| 2015Q2 | 652 | $141,532,525 | 73,315 | $217,074 | 112 | $1,930 |
| 2015Q3 | 618 | $92,795,200 | 61,612 | $150,154 | 100 | $1,506 |
| 2015Q4 | 941 | $260,774,667 | 84,938 | $277,125 | 90 | $3,070 |
| 2016Q1 | 325 | $241,019,707 | 56,358 | $741,599 | 173 | $4,277 |
| 2016Q2 | 377 | $167,817,470 | 54,030 | $445,139 | 143 | $3,106 |
| 2016Q3 | 927 | $234,313,654 | 88,751 | $252,766 | 96 | $2,640 |
| 2016Q4 | 774 | $269,447,387 | 84,349 | $348,123 | 109 | $3,194 |
| 2017Q1 | 593 | $218,568,676 | 68,992 | $368,581 | 116 | $3,168 |
| 2017Q2 | 619 | $266,218,488 | 55,155 | $430,078 | 89 | $4,827 |
| 2017Q3 | 1,166 | $415,423,419 | 113,245 | $356,281 | 97 | $3,668 |
| 2017Q4 | 861 | $248,092,752 | 81,867 | $288,145 | 95 | $3,030 |
| 2018Q1 | 760 | $249,254,350 | 73,314 | $327,966 | 96 | $3,400 |
| 2018Q2 | 1,135 | $271,150,000 | 105,581 | $238,899 | 93 | $2,568 |
| 2018Q3 | 1,069 | $290,224,850 | 102,512 | $271,492 | 96 | $2,831 |
| 2018Q4 | 587 | $215,382,990 | 66,183 | $366,922 | 113 | $3,254 |
| 2019Q1 | 1,242 | $522,571,147 | 120,681 | $420,750 | 97 | $4,330 |
| 2019Q2 | 1,212 | $383,612,140 | 110,830 | $316,512 | 91 | $3,461 |
| 2019Q3 | 1,464 | $392,754,512 | 135,199 | $268,275 | 92 | $2,905 |
| 2019Q4 | 844 | $258,514,460 | 80,605 | $306,297 | 96 | $3,207 |
| 2020Q1 | 766 | $310,846,352 | 90,281 | $405,805 | 118 | $3,443 |
| 2020Q2 | 862 | $335,007,374 | 94,653 | $388,640 | 110 | $3,539 |
| 2020Q3 | 896 | $364,397,124 | 86,798 | $406,693 | 97 | $4,198 |
| 2020Q4 | 1,215 | $374,648,195 | 117,562 | $308,352 | 97 | $3,187 |
| 2021Q1 | 928 | $397,004,297 | 90,156 | $427,806 | 97 | $4,404 |
| 2021Q2 | 1,126 | $438,575,528 | 117,483 | $389,499 | 104 | $3,733 |
| 2021Q3 | 924 | $267,049,871 | 85,768 | $289,015 | 93 | $3,114 |
| 2021Q4 | 1,218 | $384,462,899 | 113,986 | $315,651 | 94 | $3,373 |
| 2022Q1 | 1,041 | $328,837,038 | 93,701 | $315,886 | 90 | $3,509 |
| 2022Q2 | 730 | $338,896,008 | 62,665 | $464,241 | 86 | $5,408 |
| 2022Q3 | 1,383 | $512,606,070 | 136,508 | $370,648 | 99 | $3,755 |
| 2022Q4 | 1,234 | $414,011,693 | 114,923 | $335,504 | 93 | $3,603 |
| 2023Q1 | 876 | $417,226,583 | 88,591 | $476,286 | 101 | $4,710 |
| 2023Q2 | 528 | $270,328,014 | 60,828 | $511,985 | 115 | $4,444 |
| 2023Q3 | 589 | $272,481,466 | 50,539 | $462,617 | 86 | $5,392 |
| 2023Q4 | 525 | $298,771,425 | 47,252 | $569,088 | 90 | $6,323 |
| 2024Q1 | 546 | $252,443,641 | 53,004 | $462,351 | 97 | $4,763 |
| 2024Q2 | 282 | $190,070,969 | 33,244 | $674,011 | 118 | $5,717 |
| 2024Q3 | 424 | $207,577,458 | 33,766 | $489,569 | 80 | $6,148 |
| Retirement village units | ||||||
| Quarter | Total number consented | Total value of work consented | Total Floor area consented SQM | Average value of work consented | Average floor area per dwelling SQM | Average value of work per SQM |
| 2010Q1 | 113 | $20,523,832 | 15,345 | $181,627 | 136 | $1,337 |
| 2010Q2 | 238 | $42,707,247 | 28,382 | $179,442 | 119 | $1,505 |
| 2010Q3 | 251 | $42,514,873 | 31,262 | $169,382 | 125 | $1,360 |
| 2010Q4 | 233 | $33,407,571 | 21,295 | $143,380 | 91 | $1,569 |
| 2011Q1 | 107 | $15,869,449 | 12,224 | $148,313 | 114 | $1,298 |
| 2011Q2 | 197 | $34,697,022 | 17,475 | $176,127 | 89 | $1,986 |
| 2011Q3 | 439 | $52,083,099 | 30,956 | $118,640 | 71 | $1,682 |
| 2011Q4 | 324 | $65,722,179 | 34,799 | $202,846 | 107 | $1,889 |
| 2012Q1 | 377 | $56,710,790 | 34,352 | $150,426 | 91 | $1,651 |
| 2012Q2 | 282 | $50,365,998 | 32,749 | $178,603 | 116 | $1,538 |
| 2012Q3 | 351 | $61,319,757 | 38,761 | $174,700 | 110 | $1,582 |
| 2012Q4 | 370 | $50,148,036 | 43,815 | $135,535 | 118 | $1,145 |
| 2013Q1 | 246 | $51,894,685 | 31,771 | $210,954 | 129 | $1,633 |
| 2013Q2 | 389 | $62,404,127 | 48,428 | $160,422 | 124 | $1,289 |
| 2013Q3 | 348 | $66,645,255 | 47,375 | $191,509 | 136 | $1,407 |
| 2013Q4 | 324 | $62,882,282 | 36,515 | $194,081 | 113 | $1,722 |
| 2014Q1 | 286 | $56,449,957 | 32,329 | $197,377 | 113 | $1,746 |
| 2014Q2 | 449 | $85,831,564 | 54,390 | $191,162 | 121 | $1,578 |
| 2014Q3 | 631 | $116,701,175 | 71,840 | $184,946 | 114 | $1,624 |
| 2014Q4 | 551 | $103,750,685 | 64,270 | $188,295 | 117 | $1,614 |
| 2015Q1 | 361 | $84,042,669 | 43,733 | $232,805 | 121 | $1,922 |
| 2015Q2 | 392 | $70,904,612 | 41,048 | $180,879 | 105 | $1,727 |
| 2015Q3 | 489 | $92,469,516 | 44,873 | $189,099 | 92 | $2,061 |
| 2015Q4 | 657 | $126,880,302 | 71,164 | $193,121 | 108 | $1,783 |
| 2016Q1 | 391 | $136,911,911 | 45,482 | $350,158 | 116 | $3,010 |
| 2016Q2 | 669 | $127,047,021 | 80,364 | $189,906 | 120 | $1,581 |
| 2016Q3 | 320 | $64,392,898 | 35,259 | $201,228 | 110 | $1,826 |
| 2016Q4 | 572 | $177,136,493 | 59,568 | $309,679 | 104 | $2,974 |
| 2017Q1 | 354 | $94,036,517 | 43,711 | $265,640 | 123 | $2,151 |
| 2017Q2 | 405 | $122,657,441 | 51,466 | $302,858 | 127 | $2,383 |
| 2017Q3 | 525 | $153,918,726 | 63,928 | $293,179 | 122 | $2,408 |
| 2017Q4 | 667 | $168,672,516 | 96,908 | $252,882 | 145 | $1,741 |
| 2018Q1 | 220 | $101,814,784 | 27,263 | $462,794 | 124 | $3,735 |
| 2018Q2 | 590 | $149,220,405 | 69,078 | $252,916 | 117 | $2,160 |
| 2018Q3 | 495 | $166,092,309 | 64,783 | $335,540 | 131 | $2,564 |
| 2018Q4 | 524 | $147,712,698 | 61,298 | $281,894 | 117 | $2,410 |
| 2019Q1 | 658 | $154,384,077 | 67,895 | $234,626 | 103 | $2,274 |
| 2019Q2 | 567 | $212,081,360 | 68,560 | $374,041 | 121 | $3,093 |
| 2019Q3 | 561 | $205,458,373 | 69,562 | $366,236 | 124 | $2,954 |
| 2019Q4 | 602 | $153,808,464 | 75,471 | $255,496 | 125 | $2,038 |
| 2020Q1 | 453 | $124,644,099 | 58,154 | $275,153 | 128 | $2,143 |
| 2020Q2 | 548 | $179,439,184 | 65,978 | $327,444 | 120 | $2,720 |
| 2020Q3 | 356 | $118,239,130 | 42,753 | $332,132 | 120 | $2,766 |
| 2020Q4 | 509 | $162,495,981 | 59,544 | $319,246 | 117 | $2,729 |
| 2021Q1 | 553 | $142,227,941 | 64,012 | $257,193 | 116 | $2,222 |
| 2021Q2 | 675 | $204,621,958 | 81,917 | $303,144 | 121 | $2,498 |
| 2021Q3 | 889 | $322,875,345 | 112,477 | $363,189 | 127 | $2,871 |
| 2021Q4 | 753 | $260,637,464 | 98,261 | $346,132 | 130 | $2,653 |
| 2022Q1 | 575 | $230,429,274 | 78,505 | $400,747 | 137 | $2,935 |
| 2022Q2 | 509 | $162,157,009 | 69,467 | $318,580 | 136 | $2,334 |
| 2022Q3 | 1,047 | $369,643,212 | 113,916 | $353,050 | 109 | $3,245 |
| 2022Q4 | 826 | $312,626,286 | 104,746 | $378,482 | 127 | $2,985 |
| 2023Q1 | 920 | $324,450,915 | 114,912 | $352,664 | 125 | $2,823 |
| 2023Q2 | 467 | $204,257,521 | 56,560 | $437,382 | 121 | $3,611 |
| 2023Q3 | 475 | $201,298,484 | 54,242 | $423,786 | 114 | $3,711 |
| 2023Q4 | 405 | $155,524,891 | 51,882 | $384,012 | 128 | $2,998 |
| 2024Q1 | 369 | $147,673,157 | 39,434 | $400,198 | 107 | $3,745 |
| 2024Q2 | 350 | $193,168,250 | 46,436 | $551,909 | 133 | $4,160 |
| 2024Q3 | 706 | $355,277,725 | 90,967 | $503,226 | 129 | $3,906 |
| Townhouses & Home Units | ||||||
| Quarter | Total number consented | Total value of work consented | Total Floor area consented SQM | Average value of work consented | Average floor area per dwelling SQM | Average value of work per SQM |
| 2010Q1 | 373 | $62,819,224 | 44,640 | $168,416 | 120 | $1,407 |
| 2010Q2 | 312 | $49,181,742 | 37,097 | $157,634 | 119 | $1,326 |
| 2010Q3 | 272 | $40,332,725 | 33,162 | $148,282 | 122 | $1,216 |
| 2010Q4 | 275 | $41,277,238 | 28,469 | $150,099 | 104 | $1,450 |
| 2011Q1 | 279 | $45,495,738 | 32,200 | $163,067 | 115 | $1,413 |
| 2011Q2 | 251 | $35,073,024 | 26,075 | $139,733 | 104 | $1,345 |
| 2011Q3 | 294 | $43,263,203 | 31,925 | $147,154 | 109 | $1,355 |
| 2011Q4 | 199 | $29,270,884 | 21,588 | $147,090 | 108 | $1,356 |
| 2012Q1 | 209 | $30,074,335 | 25,188 | $143,896 | 121 | $1,194 |
| 2012Q2 | 246 | $39,407,210 | 27,480 | $160,192 | 112 | $1,434 |
| 2012Q3 | 282 | $45,658,648 | 34,734 | $161,910 | 123 | $1,315 |
| 2012Q4 | 363 | $55,666,007 | 41,339 | $153,350 | 114 | $1,347 |
| 2013Q1 | 244 | $42,527,499 | 28,288 | $174,293 | 116 | $1,503 |
| 2013Q2 | 428 | $76,858,251 | 47,787 | $179,575 | 112 | $1,608 |
| 2013Q3 | 417 | $71,942,892 | 46,676 | $172,525 | 112 | $1,541 |
| 2013Q4 | 622 | $112,192,222 | 70,918 | $180,373 | 114 | $1,582 |
| 2014Q1 | 469 | $83,149,643 | 50,519 | $177,291 | 108 | $1,646 |
| 2014Q2 | 696 | $127,723,795 | 74,020 | $183,511 | 106 | $1,726 |
| 2014Q3 | 718 | $142,287,329 | 84,213 | $198,172 | 117 | $1,690 |
| 2014Q4 | 837 | $168,955,452 | 89,115 | $201,858 | 106 | $1,896 |
| 2015Q1 | 913 | $190,409,141 | 104,129 | $208,553 | 114 | $1,829 |
| 2015Q2 | 827 | $188,648,434 | 97,662 | $228,112 | 118 | $1,932 |
| 2015Q3 | 1,053 | $244,652,547 | 121,737 | $232,339 | 116 | $2,010 |
| 2015Q4 | 863 | $190,669,841 | 95,737 | $220,938 | 111 | $1,992 |
| 2016Q1 | 860 | $183,827,842 | 99,292 | $213,753 | 115 | $1,851 |
| 2016Q2 | 1,026 | $227,341,427 | 120,874 | $221,580 | 118 | $1,881 |
| 2016Q3 | 1,344 | $313,554,889 | 161,745 | $233,300 | 120 | $1,939 |
| 2016Q4 | 1,171 | $260,959,165 | 137,650 | $222,852 | 118 | $1,896 |
| 2017Q1 | 1,065 | $247,653,925 | 125,844 | $232,539 | 118 | $1,968 |
| 2017Q2 | 1,219 | $282,411,814 | 141,698 | $231,675 | 116 | $1,993 |
| 2017Q3 | 1,239 | $289,453,654 | 138,301 | $233,619 | 112 | $2,093 |
| 2017Q4 | 1,352 | $343,938,735 | 156,675 | $254,393 | 116 | $2,195 |
| 2018Q1 | 1,477 | $380,729,604 | 173,543 | $257,772 | 117 | $2,194 |
| 2018Q2 | 1,692 | $420,388,475 | 198,300 | $248,457 | 117 | $2,120 |
| 2018Q3 | 1,538 | $386,073,221 | 187,956 | $251,023 | 122 | $2,054 |
| 2018Q4 | 1,784 | $437,111,666 | 210,210 | $245,018 | 118 | $2,079 |
| 2019Q1 | 1,586 | $384,394,089 | 177,651 | $242,367 | 112 | $2,164 |
| 2019Q2 | 2,104 | $533,950,410 | 237,041 | $253,779 | 113 | $2,253 |
| 2019Q3 | 2,204 | $538,931,091 | 242,689 | $244,524 | 110 | $2,221 |
| 2019Q4 | 2,314 | $577,857,448 | 239,213 | $249,722 | 103 | $2,416 |
| 2020Q1 | 2,235 | $574,772,269 | 250,250 | $257,169 | 112 | $2,297 |
| 2020Q2 | 2,620 | $621,608,445 | 276,032 | $237,255 | 105 | $2,252 |
| 2020Q3 | 3,110 | $790,106,727 | 356,905 | $254,054 | 115 | $2,214 |
| 2020Q4 | 3,638 | $873,415,092 | 391,877 | $240,081 | 108 | $2,229 |
| 2021Q1 | 3,022 | $773,007,414 | 331,019 | $255,793 | 110 | $2,335 |
| 2021Q2 | 3,771 | $917,803,537 | 399,749 | $243,385 | 106 | $2,296 |
| 2021Q3 | 4,717 | $1,220,845,309 | 511,022 | $258,818 | 108 | $2,389 |
| 2021Q4 | 4,844 | $1,357,831,295 | 545,484 | $280,312 | 113 | $2,489 |
| 2022Q1 | 5,029 | $1,411,681,155 | 541,480 | $280,708 | 108 | $2,607 |
| 2022Q2 | 5,594 | $1,614,116,661 | 612,443 | $288,544 | 109 | $2,636 |
| 2022Q3 | 5,312 | $1,549,441,973 | 582,884 | $291,687 | 110 | $2,658 |
| 2022Q4 | 4,858 | $1,446,846,271 | 524,812 | $297,828 | 108 | $2,757 |
| 2023Q1 | 3,968 | $1,213,621,537 | 425,114 | $305,852 | 107 | $2,855 |
| 2023Q2 | 4,612 | $1,498,535,783 | 486,123 | $324,921 | 105 | $3,083 |
| 2023Q3 | 4,436 | $1,471,458,229 | 483,459 | $331,708 | 109 | $3,044 |
| 2023Q4 | 3,763 | $1,222,977,289 | 396,840 | $325,001 | 105 | $3,082 |
| 2024Q1 | 3,355 | $1,147,389,220 | 370,639 | $341,994 | 110 | $3,096 |
| 2024Q2 | 3,616 | $1,149,727,750 | 374,839 | $317,956 | 104 | $3,067 |
| 2024Q3 | 3,561 | $1,183,796,191 | 380,188 | $332,434 | 107 | $3,114 |
| Note: All calculations based on Statistics NZ building consent data. | ||||||
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9 Comments
The optimism of developers is both admirable and concerning. I know many who expect a big surge in demand mid to late 2025, on the basis of lower interest rates. And hence have been getting developments consented now.
Yet, in my view retail interest rates will need to be well south of 4.5% to meaningfully stimulate demand, especially given cost escalation over the past 2-3 years and therefore the pricepoints that developers will need to sell product at to be profitable. There is far from any guarantee that interest rates will be less than 5%, let alone less than 4.5%.
There’s also a big overhang of newbuild stock.
So good luck to the many developers who will be trying to sell off plans over the coming year!
Signs of housebuilding activity stabilising at more or less pre-Covid levels isn't necessarily a bad thing.
The frenzy that came between 2020 and 2023 was unsustainable anyways, as reflected in construction inflation over the period. Most of the houses planned and built over that 2-3-yr period can be characterised as grossly overpriced shoeboxes in crappy neighbourhood.
Dozens of 65m2 2-bdr townhouses with zero outdoor space close to a major stream and across the street from a liquor store in a decile 2 school zone in Wainuiomata selling for 725k... no, thank you!
Well yep, zero land, no balconies, no parking, squashed into a 900sqm section with 8 others on it in an unattractive suburb is going to do that. Gravy train is over. The market wants higher quality properties with all the trimmings and people will pay for them. goodbye 50's state homes and hello something else mumble mumble leaky home with walk in garage that will flood in 2 years
This is not the bottom.
It’s uneconomic to build so one or more of the influencing variables need to change and so far they have continued to get worse.
Many of these resource consents will be to lower the spec or increase density because of the increasing costs. I.e they will be trying to make the project feasible.
I would argue the opposite - the big difference is land value. And with when land bankers start off-loading sites at a price that reflects the current market value, then building consents will continue. I think that we have grown the construction industry greatly - something like doubling the capacity. And many of those builders might look at building a speculative home rather than bidding for the limited amount of work at discount rates.
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