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.
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| 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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40 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!
I reckon . Again
Would you like to provide your informed view.
whoooops, I must have forgotten that you are a troll that never has anything meaningful to say other than to troll me for no obvious reason 😂😂😂
I must have forgotten that you are a troll
Huh? I thought he was a horse! (Mister Ed - Wikipedia)
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!
Stream views?
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
You forgot the 3 month warranty on all Balsa Wood used in construction.
Exactly, It’s disheartening to see these so- called ‘new builds” crammed onto tiny sections with no balconies, no parking, and minimal quality.
Little space, zero privacy, and it all screams potential market slump down the line. Best to steer clear.
well those new builds are at a higher standard than the 80's and possibly the 60's - given they are double glazed, insulated, have allowed for more wiring and plumbing for modern standards. The reality is that a younger generation doesn't want what I (and possibly you) wanted.
It's a newer standard, I wouldn't necessarily say "higher".
Just as a new fridge has modern LED lights, no CFCs, and better energy efficiency, but it's ultimately of inferior quality to one made in the 60s.
Pa1nter: "Just as a new fridge has modern LED lights, no CFCs, and better energy efficiency, but it's ultimately of inferior quality to one made in the 60s."?
Seriously? Crappiest analogy ... EVER.
Not really. You'd buy an appliance (or house, or car), and provided maintenance is done, the items lasted decades. Now the componentry is of such low grade materials, some basic component will shit itself, repair is unviable, and you basically throw it away and buy a new one.
Just as double glazing sounds better, but the quality of the materials in and around it are of diminishing quality - unless you're prepared to spend some serious money. Usually at least double.
My preference is for items that last a very long time, at the expense of bleeding edge standards. I think if we're going to the ecological expense of digging all this stuff out of the ground, burning some of it in the manufacturing process, etc, we might as well make something we don't have to replace anytime soon.
Less money to be made doing it that way though.
Bought an old second hand dryer(basic Fisher and Paykel 90's version) 15 years ago for $100., still in regular use, must be 30 years old. Been through 3 new washers in 10 years. Anecdote supports your observations.
In the housing realm, even something simple like a roof has deteriorated in material quality over the years. New roof iron is very thin as standard, dents up pretty easily. The old stuff was much thicker gauge and you can run up and down it like it's a trampoline and it'll stand up.
The new stuff has a nicer finish, and is lighter. But also less durable. Did we gain, or lose?
Yes and no. The average Joe Blogs will not be aware that there a two thicknesses available for long run one is ~0.35mm and the other 0.55mm which helps with rigidity on the same purlin span and spacing as well as life. Don't recall the cost difference but the roofer is highly unlikely to quote the thicker option as it will disadvantage him. Tiles have become thinner and don't know if thicker are available.
Built in obsolescence is a feature not a bug. Appliances are deliberately designed and manufactured to fail within a short time. Just like modern townhouses - developers only need the place to last as long as the warranty period, after that when it becomes a derelict dump, they can just sell some more new builds to people.
Working in central Wellington at the moment. I see a lot of derelict dumps, both commercial and residential, built early - mid 1900's. Is this the fault of the builder or lack of maintenance by the landlords?
The issue with modern appliance is it only takes one small fault to warrant the appliance redundant. It was going to cost me $500 to get my rangehood lights working. They’re LED. Not replaceable lights. Needed an electrician, 2 call-outs plus the control module. Back in the day it was a generic $5 light bulb.
Yep. We think we own a lot of stuff, but much of it we're only renting, for as long as the manufacturer wants us to.
But my vacuum now has wifi.
Double glazing and insulation sound great, but they don’t mean much when the overall build quality is poor. Many homes today are put up by workers who just don’t care about craftsmanship the way they did in the 60s and 80s. We could be looking at a leaky home crisis 2.0 in the next decade.
Maybe not leaky homes (we're building less stupid designs that lack eaves or have internal gutters). But some of them are going to look pretty tatty in years to come (some arguably look tatty the day they're finished).
But yes would have to agree that there's a large cadre of people working on houses/construction who aren't really invested in making something as good as practically possible. Just the act of managing to assemble something is deemed a job done, whether it's done well or not doesn't seem to be at the forefront.
As someone who regularly renovates older homes I can tell you that a lot of the old time builders had a whole lot of different short cuts that we couldn't get away with now, even if we wanted too.
Old houses leak, the materials used could handle being wet better than what is forced upon us today.
Old houses have centuries-old native timbers which will hold up to weather without treatment far better then what we get today.
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.
How many of them have the capital to fund that process? or did that go into the Ranger that they need to tow the boat,back when things were booming and you couldn't find a builder without a 6month wait.
The builder that I know has been doing spec build for many years has stopped doing them. The last one he broke even on and it’s just not worth the risk now.
Yeah any builder I know who depended on this is in trouble. As are group house builders. But anyone commercial, or smaller independent house builders seem pretty chocka.
It’s a very good point. Plenty of projects are being redesigned and reconsented to try, in vain, to make them stack up
"If the lands wrong, everything's wrong", someone once said.
As for the it's 'uneconomic to build' - it should be more expensive to build new vs buy second hand. New houses used to be built by builders for those with the $ to do so and it showed with all the storage spaces etc in the older houses.
It is only our population growth that meant all these 'cookie cutter developers' came into prominence. Re price the land and then see if building is possible and that is before any trimming of building supplies and labour costs.
Its because Labour got the incentives around the wrong way. Instead of encouraging owner occupiers to build new houses, they incentivised investors. So the end result is that builders built cheap, nasty crap for investors who dont care about the quality of the homes they are stuffing renters into.
Countries like Australia incentivise first home buyers into new builds through grants and tax exemptions - and the result is that apartments are designed for owner occupiers and not investors, and large numbers of standalone house & land packages are sold. As first home buyers move into those new builds, they free up their older (and much cheaper) housing for investors. This is how it should work.
That's the angle I was trying to put across with the storage spaces comment - building homes that people wanted to live in as opposed to investments to rent/flick. The incentives are quite different although I would still have population growth running hot (under all govts) as a significant driver.
The issue we face is how many people do you know in construction? Most of them don’t have transferable skills, they’ve invested so much of life investing in training/tools/work vehicles. Where will these tradies end up? Many to Australia, but many of the older tradies (35+) will likely want to stay put for family reasons
Most of them don’t have transferable skills
This is nonsense in so far as it's a real problem. If someone has managed to learn one trade, they certainly could learn something else.
I'd agree that as a society we're making it very hard for people to swap vocations. They shouldn't expect the same pay when they swap either.
This is nonsense in so far as it's a real problem. If someone has managed to learn one trade, they certainly could learn something else.
I started my working life in the trades. I learnt how to approach tasks and projects methodically, develop the most efficient method, and understand the nuts and bolts of the costings vs. the final price. That tradesman like approach served me pretty well in a corporate office environment, and in establishing new, non related businesses.
Maybe I’ll articulate myself better. They’ve got transferable skills but the pay rate and start up investment isn’t transferable
Ah okay re skills. I wouldn't expect the pay rate and start up investment to carry over into a different line of work (depending on what it is obviously).
One builder I know has left the trade and is now working for an insurance company.
Insurance Remidiel work on the homes he built?
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