There were 38,209 new homes consented in the year ended November 2023, down 24 percent compared with the year ended November 2022, according to figures released by Stats NZ on Thursday.
“The annual number of new homes consented has continued to decrease from its peak of 51,015 in the year ended May 2022,” construction and property statistics manager Michael Heslop said.
In the year ended November 2023, there were 22,251 multi-unit homes consented, down 22 percent compared with the year ended November 2022. There were 15,958 stand-alone houses consented, down 27 percent compared with the same period.
Multi-unit homes include townhouses, apartments, retirement village units, and flats.
Of the multi-unit homes consented in the year ended November 2023, there were:
- 17,033 townhouses, flats, and units (down 19 percent compared with the year ended November 2022)
- 2,817 apartments (down 35 percent)
- 2,401 retirement village units (down 19 percent).
“In the year ended November 2023 the number of townhouses, flats, and units consented was higher than the number of stand-alone houses,” Heslop said.
Townhouse, flats, and units the most common type of home consented in Auckland
“At the national level, the year ended March 2023 was the first time the annual number of townhouses, flats, and units consented surpassed the number of stand-alone houses,” Heslop said.
“However, in Auckland this has been the case since the year ended November 2020.”
“In the year ended November 2023, the number of townhouses, flats, and units consented in Auckland was more than double the number of stand-alone houses consented,” Heslop said.
In the Auckland region in the year ended November 2023 there were:
- 9,427 townhouses, flats, and units (down 26 percent, compared with the year ended November 2022)
- 4,122 stand-alone houses consented (down 18 percent)
- 1,724 apartments (down 45 percent)
- 599 retirement village units (down 26 percent).
Regional breakdown
In the year ended November 2023, all regions except Gisborne and Marlborough consented fewer new homes compared with the year ended November 2022.
The four regions with the highest number of new homes consented in the year ended November 2023 were:
- Auckland with 15,872 (down 27 percent compared with the year ended November 2022)
- Canterbury with 7,158 (down 19 percent)
- Waikato with 3,589 (down 26 percent)
- Wellington with 2,743 (down 28 percent).
Home consents down in November 2023
There were 2,958 new homes consented in the month of November 2023, down 36 percent compared with November 2022.
In November 2023, there were 1,462 stand-alone houses consented, down 20 percent compared with November 2022. There were 1,496 multi-unit homes consented, down 47 percent over the same period.
In seasonally adjusted terms, the number of new homes consented in November 2023 fell 11 percent compared with October 2023. This follows a seasonally adjusted rise of 8.5 percent in October 2023.
Seasonal adjustment removes the estimated effect of regular seasonal events from statistical series. This makes figures for adjacent periods more comparable.
DOWN 24 PERCENT!
Do people even realize what the delayed effect on NZ economy will be?
Together with a 35% reduction in export vessel departure within ONE month allone (June 23)….
Catastrophic!
This is why I recently bought a house
Because I do not want to have money in the Bank
https://www.youtube.com/watch?v=Pp63NF0ezs0
With NZ being one of the few countries in the world not having Bank Deposit Insurance
What could possibly go wrong?
This is why it is called a Deposit
Because when You Deposit Your money in the Bank it becomes the property of the Bank
And You become an unsecured creditor
you can also buy gold coins and silver coins . To protect your savings if you have some. When the system goes bankrupt you will lose everything.
Or buy gold jewelry ( 18 crt)which is NOT registered. As for gold coins, it might be.
Mapple leaf ( canadian) is still an official mean of payment. As is ” philarmoniker” ( austria)
Credit squeeze coming
Which will exasperate the situation
With no new money being created
The economy will run out of steam
250,00 new migrants
AI
As Delinquencies Spike, Banks Are “Granting Fewer Credit Lines”, Fed Analysts Warn
https://www.zerohedge.com/personal-finance/delinquencies-spike-banks-are-granting-fewer-credit-lines-fed-analysts-warn
As China Stocks Crash, Beijing Proposes Multi-Trillion Market Rescue Package
https://www.zerohedge.com/markets/china-stocks-crash-beijing-proposes-multi-trillion-market-rescue-package
Consents may be down but still higher than any time since 1975. We had a slow down before the election and leading up to the end of the year in 2023. 2024 was off to a slow start but now seems to be getting busy. OCR seems to have levelled off so I don’t think it will get worse. There is a 6 month time lag to get a consent so wait and see what happens in the 3rd quarter 2024.
Can’t say there won’t be any contagion from the current China situation, or from the USA if they screw up the banks again.
Labour almost screwed the economy with Covid measures (lock downs and money printing) and we were just very lucky that Covid finished before they could.
Why is it that every Western Country imposed measures that hurt small business, caused massive inflation, and put the economies into a doom spiral? Was it an economic hit job? An act of war? Or just stupidity? Why were Western governments all operating in lock step and who was giving the orders?
Why are all Western countries currently undergoing some kind of race based political turmoil and who is giving the orders for that to happen?