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New home consents dropped to lowest level since 2019- report

Author
Newstalk ZB,
Publish Date
Wed, 31 Jul 2024, 8:34pm
Homeowners could face sharply higher borrowing costs, with New Zealand's largest bank predicting the OCR could rise to 3 per cent by April 2023. Photo / Stephan Stockinger
Homeowners could face sharply higher borrowing costs, with New Zealand's largest bank predicting the OCR could rise to 3 per cent by April 2023. Photo / Stephan Stockinger

New home consents dropped to lowest level since 2019- report

Author
Newstalk ZB,
Publish Date
Wed, 31 Jul 2024, 8:34pm

New home consents have fallen to the lowest point in five years.

Stats NZ figures show fewer than 34,000 new homes were consented in the year to June - a 24 percent fall annually.

Consents for multi-unit homes, including townhouses, apartments, retirement village units and flats are down 28 percent.

Construction sector advisor Mike Blackburn says this downturn has impacted the whole country.

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