Analysts say the number of new homes being built in New Zealand has been increasing year over year since 2011 and that growth is projected to continue throughout 2013. Statistics New Zealand reports that residential real estate builds have increased 50% since March 2011, with the lion’s share of the contribution coming from Auckland and Canterbury. Auckland building approvals reached 372 already in 2013, yet was topped by Canterbury’s 378 new consents. Much of the building, particularly in Canterbury, has stemmed from earthquake recovery efforts. For more on this continue reading the following article from Property Wire.
The number of new homes being built in New Zealand is increasing, up 50% since March 2011, the latest official figures show.
‘We've seen continuous steady growth in the trend for the number of new houses consented since March 2011. Over 22 months, the trend has increased by 50%,’ said Blair Cardno, industry and labour statistics manager at Statistics New Zealand.
New housing growth continued in January 2013, with a 9.6% increase in the seasonally adjusted number of new non-apartment houses consented.
All of the growth in January 2013, compared with 12 months ago, was from the North Island, with increases in Auckland, Wellington, and Bay of Plenty regions, the data shows.
Together, Auckland and Canterbury regions continued to contribute over half of all new housing consents, as they have done almost every month since January 2012.
The regions with the largest number of new houses consented in January 2013 were Auckland with 372, up 140 from January 2012 and Canterbury with 378, down one over the same period.
Housing consent in January 2013, including apartments were up 19% compared with January 2012. Excluding apartments they were up 39%.
Earthquake related building consents in Canterbury totalled $60 million in January 2013, boosted by $18 million for the construction of the Ferrymead Bridge.
This article was republished with permission from Property Wire.