Just over 34,000 new homes consented in year to August, up 1.3% compared to previous 12 months

The latest building consent figures from Statistics NZ include a glimmer of hope the residential construction slump may have bottomed out.

A total of 3080 new dwellings were consented throughout the country in August. That's down 5.3% compared to the 3252 consented in July.

However, the annual figures show some growth, with 34,078 new dwellings consented in the 12 months to August, up 1.3% compared to the 12 months to August 2024.

The annual growth was almost entirely driven by multi-unit developments featuring the likes of townhouses and apartments, with their numbers up 45.5% in the year to August year-on-year.

Consents for standalone houses rose 1.0% over the same period. Retirement village unit consents declined 22.2% in the year to August, following on from a 40.3% decline over the previous 12 months. (See the chart below for the month-by-month trends).

The total value of building work consented for new dwellings in August was $1.412 billion, down by $80 million (-5.4%) from July.

In the 12 months to August this year, the total value of building work consented for new dwellings was $15.528 billion, up 1.6% from the previous 12 months.

Non-residential building work, including commercial buildings such as shops, offices and factories, as well as non-commercial buildings such as schools and hospitals, was not looking so hot.

A total of $596 million of non-residential building work was consented in August, down from $689 million in July (-23.9%). Meanwhile, $8.651 billion was consented in the 12 months to August, down 5.4% from the $9.142 billion consented in the previous 12 months.