New Zealand Residential Building Falls to 10-Year Low, Down 5% in 12 Months Through March

According to Statistics New Zealand, residential building declined 5% in the 12 months through March, marking the lowest level since March 2016. The decrease follows a 25% drop from the 2023 peak, as high interest rates and geopolitical uncertainties dampened housing demand and buyer confidence. Rising mortgage rates and global economic pressures have further weighed on household incomes and construction activity, with developers adopting a cautious stance on new projects amid falling property prices.
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