Grimmer, no glimmer: Analysts paint bleak picture for Fletcher’s housing division

Analysts say Fletcher Building’s residential arm had consented 55 spec builds in the financial year to date. (Image: NZME)

Rebecca Stevenson

Wed, 05 Nov 2025

Grimmer and no glimmer is Macquarie analysts’ summation of Fletcher Building’s residential outlook. A new research note from Macquarie published on Oct 31 said NZ’s residential build rate was unsustainably high and spec builders such as Fletcher Building would be the first to “adjust” to high levels of unsold inventory. In a recent quarterly update, the building giant said the stock of unsold NZ-wide houses had reached 11-year highs. It had a tough quarter, with high competition and low demand, parti...

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