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

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

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

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