Building consents are falling as building costs continue to rise
Building consents are falling as building costs continue to rise
2 October 2023
Stats NZ says more than 42-thousand new homes were consented in the year to August, down 17 percent on the year before.
Westpac Senior Economist Satish Ranchhod says the decline follows sharp interest rate and building cost rises over the past 12 months.
He says developers have been cautious about starting new projects.
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