Low dwelling approvals eased residential construction costs in New Zealand

Posted on July 17, 2023   |  

In June, construction costs grew by 0.6%, similar to the 2022 quarter figures. 

However, compared to 2021 and 2022, these numbers were lower than the average quarterly gain of 2%.

In 2023, dwelling approvals fell by 10% to less than 46,000, and the existing approvals are higher compared to the post-Global Financial Crisis.

The slowdown in consent lightened some pressure on the construction materials supply chain and also reduced workloads for builders.