The latest residential building consent figures are a mixed bag, with consents rising in Auckland and declining in Canterbury.
According to Statistics NZ consents were issued for 2349 new dwellings throughout the country in October, compared to 2242 September and the 2152 issued in October last year.
In Auckland, new dwelling consents jumped to 805 in October, which was well up on the 643 issued in September and the 591 issued in October last year, but still below 1116 issued in July this year.
Unfortunately the number of new consents being issued still falls far short of what is required to meet the region’s migration-fuelled population growth.
It is estimated that Auckland needs at least 14,500 new homes a year just to keep pace with it’s growing population, which is an average of 1208 new homes a month.
That means only around two thirds of the required number of consents were issued in Auckland in October and the region’s housing shortage worsened by about 400 homes for the month.
It also means that the number of new homes being consented in Auckland will need to increase by around 50% before the supply of new home starts catching up with population growth, but even then that won’t be enough to put a dent in the existing shortage of homes in the region.
In Canterbury the number of new homes consented declined for the third month in a row, with 489 new homes consented in October compared with 525 in September and 686 in October last year.
In the Waikato 259 new homes were consented compared to 320 in September and 194 in October last year ,and in the Bay of Plenty 205 homes were consented in October compared with 188 in September and 120 in October last year.
In Wellington 126 new homes were consented in October, unchanged from September and up from 108 in October last year.
The total value of new dwelling consents issued for the whole of the country was $757 million in October, virtually unchanged from September’s $755 million and only slightly ahead of the $722 million of new dwelling consents issued in October last year.
On the commercial building front, the value of non-residential building consents fell for the second month in a row, with $479 million of non-residential building projects consented in October, which included consents for commercial premises such as shops, factories and offices as well as buildings such as hospitals and schools.
That compares with $619 million of non-residential consents issued in September, $671 million issued in August and $457 million issued in October last year.