The threat of higher interest rates, and the choking off low deposit buyers must result in lower building consents.
Even if new builds are exempt, the affordable end of the market is being strangled.
New dwelling consents fall 1.3pc
The number of residential building consents issued last month fell slightly but the trend continues to rise, to be at its highest since late 2007.
In January the number of new consents, excluding apartments, fell 1.3 per cent, following an 11 per cent rise in December.
Including apartments, consents fell 8.3 per cent. Statistics New Zealand figures showed 1640 new dwellings were consented in January.
A total value of $930 million in building work was consented last month – $642m worth of residential work and $289m of non-residential work.
Consents issued in Auckland and Canterbury accounted for 58 per cent of all consents issued nationwide.