Auckland residential building consents hit 15-year high

Article – BusinessDesk

Auckland residential building consents hit 15-year high in May, led by stand-alone houses

By Tina Morrison

June 29 (BusinessDesk) – Auckland, which is suffering from a shortage of housing, saw the number of residential building consents hit the highest level in 15 years in May, according to the latest data.

New Zealand’s largest city had 1,530 new homes consented in May, up from 1,163 in April and just 885 in May last year, and marking the highest monthly total since October 2002 when 1,945 new homes were consented, Statistics New Zealand said today. Some 710 of the May consents were for stand-alone houses, 419 apartments, 258 townhouses, flats, and units, and 143 retirement village units, the statistics agency said.

“Auckland consented more new homes in May 2018 than in any other month in over 15 years,” Stats NZ construction statistics manager Melissa McKenzie said.
“Almost half the new homes were stand-alone houses, with apartments and townhouses driving growth in recent months.”

Auckland continues to lead the way in construction demand, with migrants and investors adding to competition for a shortage of housing stock. Stronger population growth in Auckland is expected to support construction activity at high levels, although construction costs in the city are higher than other regions.

Across the country, 3,407 new residential building consents were issued in May, up from 2,729 in April and 2,794 in May last year, and marking the highest monthly total since June 2004 when 3,447 new homes were consented, Stats NZ said.

On a seasonally adjusted basis, new home consents across New Zealand rose 7.1 percent in May, following a 3.6 percent fall in April. For houses only, the seasonally adjusted number rose 6.5 percent.

Nationally, 32,628 new homes were consented in the year ended May, up 6.5 percent from the May 2017 year. In Auckland, 12,274 new homes were consented, up 18 percent from the year ended May 2017.

(BusinessDesk)

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