November 2023 Sees 11% Fall in New Dwelling Consents with Significant Drops in Auckland and Wellington

Date Published: 15 January 2024

Key Facts

• New dwelling consents in November 2023 fell 11% seasonally adjusted, after an 8.5% increase in the previous month.
• The number of standalone units consented in November exceeded that of townhouses, flats, and units.
• Total new dwellings consented in November numbered 2958, including 1462 standalone houses and 1255 townhouses, flats and units.
• Apartments and retirement village units saw a significant decline in consents from October to November.
• Over the year ended November 2023, new dwelling consents decreased by 24% to 38,209.
• The number of new dwellings consented per 1000 residents was at 7.3 in November 2023, compared to 9.8 in November 2022.
• The count of new dwelling consents fell across all six regions measured by Stats NZ, with Auckland, Waikato, and Wellington experiencing the sharpest declines.
• The annual value of non-residential building work consented rose by 2.0% to $9.6 billion.

Article Summary

Stats NZ reports a seasonally adjusted fall of 11% in new dwelling consents in November 2023. The decline occurs after an 8.5% rise in the previous month. The total number of new dwellings consented in November was 2958, with standalone units outnumbering townhouses, flats, and units.

In contrast to October’s data, November saw a significant decline in consents for apartments and retirement village units. The variability in these monthly figures is due to the timing of large multi-dwelling projects, according to Stats NZ.

From a yearly perspective, the number of new dwelling consents in the year to November decreased by 24% to 38,209. This trend reflects an overall slowing of new dwelling constructions, with the number of new dwellings consented per 1000 residents falling to 7.3 from 9.8 in the previous year.

All six regions measured by Stats NZ experienced drops in new dwelling consents. Notably, Auckland, Waikato, and Wellington saw the largest decreases. However, the value of non-residential building work consented increased by 2.0% to $9.6 billion, with storage buildings, offices, and health facilities each valued at $1.5 billion.

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