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Figures reveal size of building boom

NZ NewswireNZ Newswire 29/09/2016

Residential Construction taking place in Auckland. © Bloomberg Residential Construction taking place in Auckland. Official figures have revealed the size of the building boom in New Zealand - with the value of building consents for new homes in the past year topping $10 billion for the first time.

In the year to August, 29, 627 new homes were consented, up 14 per cent from the previous year and the highest total since March 2005.

They had an estimated value of just over $10b - almost a quarter more than a year earlier, according to Statistics NZ figures.

But despite the value of houses being built soaring, and the number consented hitting an 11-year high for a month, it remains shy of previous boom periods.

"Consent values are the highest they've ever been. However, in terms of the numbers we're still not building quite as many homes as we did around 2004, and are still well short of the building boom in the mid-1970s," Stats' business indicators senior manager Neil Kelly said.

Auckland, under pressure with soaring house prices and a shortage of supply, led the way with 9851 new homes consented in the year to August - up 1236 on the previous comparable period.

All regions in the North Island had more new dwellings consented than last year but they fell in Canterbury as the earthquake rebuild slowed down and also in Tasman, Marlborough and Southland.


* 2834 new consents in August

* comprising 2015 houses; 515 townhouses, flats and units; 232 apartments; 72 retirement village units

Regional year on year increases:

* Auckland - up 229 (31 per cent) to 970

* Otago - up 88 (85 per cent) to 192

* Waikato - up 81 (35 per cent) to 314

* Bay of Plenty - up 75 (53 per cent) to 217

Annual new consents:

* 29,267 new dwellings - up 14 per cent

* comprising 21,188 houses (up 16 per cent); 3946 townhouses, flats, and units (up 9.7 per cent); 2409 apartments (up 8.8 per cent); 2084 retirement village units (up 13 per cent).

Source: Stats NZ

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