Auckland City Residential Completions Decline Amid Capacity Constraints

New Zealand: New dwelling completions in Auckland city are gradually declining, with Auckland Council data revealing a 5.9% drop in the rolling 12-month average from May (1630 completions) to September (1534 completions). Residential construction in September declined by 9.8% compared to the same month last year but remained 38.5% higher than September 2022. Additionally, the percentage of residential projects completed within two years of building consent issuance has fallen from over 80% in mid-2021 to 65% in September 2024. This is attributed to capacity constraints during the construction boom and the gradual clearing of project backlogs. As backlogs decrease and new projects slow, the decline in residential completions is expected to accelerate.

Source: Interest.co.nz