Dwelling consents have fallen 10 percent this year - slowing down demand for residential building.
Latest CoreLogic figures show construction costs still increased by 0.6 percent in the June quarter, in line with March figures.
But it's a decrease on the average quarterly rise of two percent which we've seen in 2021 and 2022.
Chief property economist Kelvin Davidson says the sector is slowing down, but that doesn't mean new-builds will get cheaper.
He says wages are still a big component of the new-build price - and those aren't going to fall.
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