New Zealand Property Investors' Federation

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Housing construction hits one billion dollars per month

The growth in residential building hit an all-time record of a billion dollars of work consented in a month for the first time ever, Building and Housing Minister Dr Nick Smith noted today in response to Statistics New Zealand building consent data.

“These latest figures are very encouraging and confirm the success of the Government’s policies to grow housing supply. The 26,793 consents for new homes in the year to November is the highest in more than a decade, as are the 2831 issued for the month of November. The national figures are 21 per cent higher than October 2015 and 17 per cent higher than November 2014,” Dr Smith says.

“I am particularly encouraged by the 966 new home consents in Auckland as it is getting close to the 1000 per month we need to match demand for new housing. It is a 20 per cent increase on the previous month and three times the number consented in November 2008 when National became Government. This data confirms that solid progress is being made in lifting the pace of Auckland’s residential construction.

“We are also starting to get benefits from Housing Accords in other parts of New Zealand. The 328 new home consents in Wellington is highest number since April 2008. The Government welcomes a spreading of housing growth outside Auckland and Christchurch as well as the trend towards more apartment construction.

“Today’s figures confirm the direction of the Government’s housing policies. We are continuing to free up more land faster through the Auckland Housing Accord and the eight other Accords we have with councils across the country. We have initiatives in place to constrain building materials costs, rein in development contributions, cut compliance costs and invest in improved sector productivity. Our new $435 million HomeStart support package will help 90,000 people into home ownership over five years.

“We need to keep our foot on the accelerator to ensure we support this positive momentum. The next steps in the Government’s programme include advancing new housing on Crown-owned land in Auckland, supporting the Auckland Council in the completion of the new Auckland Unitary Plan, consulting on a new Urban Development National Policy Statement, and reform of the Resource Management Act to address the long-term issues affecting housing supply and affordability.”

Tags: building consent