Developers selling houses 'close to cost' as building downturn bites
House builders in New Zealand are focusing on generating cash flow as many struggle to stay in business, the CBS Co-operative chief executive says. Developers are selling homes close to cost as the building downturn deepens.
House builders in New Zealand are focusing on generating cash flow as many struggle to stay in business, the CBS Co-operative chief executive says. Developers are selling homes close to cost as the building downturn deepens.
The executive said falling demand and high financing costs are forcing firms to offload stock even at the expense of profit margins. The downturn is proving especially difficult for small and mid-sized builders.
Industry representatives said the slowdown in home construction could persist over coming quarters, though a possible easing in interest rates may gradually revive demand.
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