New Home Consents Decrease by 24% in Year Ending November 2023: Stats NZ

Stats NZ have released figures showing a 24% decrease in the number of new homes consented in the year ending November 2023 compared to the year ending November 2022.

In November 2023, there were 38,209 new homes consented.

Whilst multi-unit homes suffered a 22% decrease, the number of standalone houses consented was down by 27%.

These figures represent a continuing downward trend since May 2022, when the number of new homes consented peaked at 51,015.

Stats NZ attributed this decline to rising construction costs and inflation, which have made house building less viable.