The residential construction industry now looks to be heading into a serious decline, with the number of new dwellings being consented down on a monthly, quarterly and annual basis compared to the previous comparable period.
According to Statistics NZ, 3402 new dwellings were consented in June this year, down 15.7% compared to June last year.
In the June quarter of this year, 9888 new dwellings were consented, down 20% compared to the second quarter of last year.
In the 12 months to June this year, 44,529 new dwellings were consented, down by 6207 (-12.2%) compared to the previous 12 months.
On an annual basis the biggest decline has been in stand alone houses, with 5415 fewer (-22.6%) consented in the year to June than in the previous 12 months, followed by townhouses and home units -7.1%.
The year to June was the first time that the number of townhouses/home units consented has exceeded the number of stand alone houses consented in the June year.
Going against the trend were apartments +2.8% and retirement village units +19.6% in the year to June.
The total value of new dwellings being built is also starting to decline, even though inflation may be pushing up building costs.
In the 12 months to June the estimated total value of the of new residential building work for new dwellings was $18.947 billion, down 5.2% compared to the previous 12 months.
The four regions with the highest number of new dwellings consented in the year to June were Auckland with 19,085, down 12% on the previous 12 months), followed by Canterbury on 7838 (-9.2%), Waikato 4265 (-16%) and Wellington 3356 (-14%).
The interactive chart below shows the monthly trends in building consents by dwelling type.
Building consents - type
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