New Zealand Sees a 25% Decline in Home Consents for July 2023

According to the latest data released by Stats NZ, the number of new homes consented in New Zealand in July 2023 has decreased significantly compared to the same month in the previous year. Here are the key highlights:

1. Sharp Decline in Home Consents: In July 2023, there were 3,058 new homes consented, marking a substantial 25 percent decrease when compared with July 2022. This decline is part of a consistent trend observed throughout 2023, with each month reporting fewer consents than its corresponding month in 2022 and 2021.

2. Types of Homes: Out of the total consents, 1,183 were for stand-alone houses, showing a substantial 32 percent decrease from July 2022. Additionally, there were 1,875 multi-unit homes consented, which includes townhouses, apartments, retirement village units, and flats, reflecting a 21 percent decrease compared to the previous year.

3. Downward Trend Continues: The trend for the number of new homes consented reached its peak in early 2022 but has since steadily decreased, showing a 25 percent drop.

4. Annual Decline: In the year ending July 2023, there were 43,487 new homes consented, marking a 14 percent decrease compared to the previous year. However, it’s worth noting that this number remains higher than any 12-month period before 2021.

5. Regional Variances: Most regions in New Zealand reported fewer new homes consented in the year ending July 2023 compared to the previous year. Auckland, Canterbury, Waikato, and Wellington were the four regions with the highest number of new homes consented, despite experiencing declines ranging from 11 to 18 percent.

This data suggests a challenging period for the housing sector in New Zealand, with a significant drop in new home consents, particularly in the multi-unit category.

For more detailed information and regional breakdowns, please refer to the official release by Stats NZ.