There's a belief New Zealand's building sector is still many months away from a rebound, as consents plummet. 

Stats NZ data shows fewer than 34,000 new homes were consented in the year to June. 

That's a 24% annual drop, and five-year low. 

Construction Industry Council Executive Director Tommy Honey told Ryan Bridge it's a continuation of a trend that began mid-2022 

He says they've been waiting for that to reverse —or at least plateau— but numbers are still seemingly sinking. 

Annual building consents of apartments have also plummeted, with a 51% drop in the year to June.  

Honey told Bridge apartments are seen as a risk for builders, developers, and investors. 

He says it's also related to inflation running high, and while that's turning a corner, there's a lag at the Reserve Bank. 

LISTEN ABOVE