There is no sign of any slowdown in the residential construction industry, with 2910 new residential dwellings consented in December, up 22.2% on December 2018.
Growth was particularly strong in Auckland where 1226 new dwellings were consented in December, up 30.7% on December 2018, according to Statistics NZ.
Over the whole of 2019 there were 37,538 new dwellings consented nationally, up 13.8% on 2018.
In Auckland 15,154 new dwellings were consented in 2019, up 17.8% on 2018.
That was a new annual record for Auckland, significantly higher than the record of around 13,000 new dwellings a year consented in the mid-1970s.
Other regions recording double digit annual growth in new dwellings consented compared to a year earlier were Waikato +13.6%, Gisborne +21.7%, Hawke's Bay +15.0%, Taranaki +20.9%, Wellington +16.2%, Tasman +26.9%, West Coast +10.3%, Canterbury +11.3%, Otago +14.2% and Southland +14.2%.
Across the entire country stand alone houses are still the predominant type of new home, with 22,194 consented last year up 5.1% on 2018, followed by 8202 townhouses and units (+26.4%), 4761 apartments (+34.1%) and 2381 retirement village units (+30.2%).
The total value of all new dwellings consented last year was $13.863 billion (excluding the cost of land) which was up 13.8% on 2018.
On top of that another $2.008 billion of structural residential alteration work was consented, taking the total value of all residential building work consented last year to $15.872 billion.
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12 Comments
I mean they really weren't. As the Auckland housing crisis was biting, the Unitary Plan was Auckland Council's plan to deal with it - this was under mayor Len Brown in 2012. It was at this time the Nats were saying there wasn't a housing crisis and continued saying so until the 2014 election. Some of the biggest critics of the plan were Citizen's & Ratepayers (Now Communities & Residents) who are National-backed. The to-ing and fro-ing was largely because of National's unacceptance of the housing crisis, and C&R nimbys.
To be fair the slide was only averted by OCR intervention.
Governments pulling out all the stops to keep the ponzi going, One imagines it cant go on too much longer as the Camel's back cant take infinite weight.
A couple of articles for you to refer
https://www.ft.com/content/e4964f08-f196-11e9-ad1e-4367d8281195
https://www.ccn.com/dow-rips-500-points-higher-as-94-billion-fed-repo-j…
Also 2020 has a lot of Corp debt coming due of which a lot could be rerated to junk
Add coronavirus into the mix, it looks like very interesting times.
Can the powers that be keep things floating???? lets wait an see.
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