Slide in housing consents points to tough times ahead

Thu, 30 Mar 2023

Seasonally adjusted residential consents fell 9% in February, compared with the month prior, as tighter financial conditions weighed on the sector.A seasonally adjusted 3,206 new dwellings were consented over the month, marking a 30% drop in consents issued in a month since the peak in March 2022, said Westpac Bank senior economist Satish Ranchhod.In the year ended February 2023, there were 48,257 new homes consented, down 3.3% from the same period a year ago.“While that is still high compared to history, it has been trending down from th...

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