Housing on gentle decline

Building consent data out yesterday suggests the housing sector plateaued between November and January and since then has been in a gradual decline.

But the numbers are still the highest in 29 years.

Statistics New Zealand said last month's construction data confirmed the downward trend in the number of new dwelling units.

The trend first showed up in January, although if apartment units were excluded, the numbers had been declining since November.

But the annual figures remained high.

Consents were issued for 2544 new units last month, or 2238 units excluding apartments.

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