New Zealand’s population is growing faster than the growth in private housing consents however November 2015 saw higher increases in consents issued in Auckland and elsewhere around the country than the previous month.
Auckland’s private building consents were 4.4 percent higher than October 2015 and the number of consents issued at an all time high since 2004.
Ideally in Auckland this will trend upwards throughout 2016 where population growth is still exceeding new building consents thus piling even more pressure on the housing market.
Housing supply has just got even better in Wellington however with it experiencing it’s highest increase in consents since 2007. Expect more apartments and retirement villages in the region over the next 12 months. Waikato and Bay of Plenty also had a spike in private dwelling consents while areas in the South Island had increases of just over two percent.
New commercial dwelling consents were up in November too with hotels, shops, hostels and factories on the consent list. The increases in commercial building consents suggest confidence in the New Zealand economy and the outlook agreeable for 2016.
“Mr Kiernan said Auckland’s economic growth was still running ahead of the nationwide average, and that was likely to continue.”
“Statistics NZ said the total value of building work consented in November was $1.6 billion, an all-time record. Slightly over two-thirds of that value came from residential work.”
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