Many parts of New Zealand seeing new home development boom

The home building boom in New Zealand is continuing to gather momentum with planning consents up 13% in the 12 months to July 2016, and up 2% month on month. p 52% in Bay of Plenty, up 37% in Waikato and up 21% in Otago. The value of residential and commercial building work is also booming and hit an all-time record of $ 18.5 billion for the year to July, up from $ 15.6 billion the previous year. Of this, $ 6.3 billion was non-residential, and half of that was for education buildings such as at Victoria, Canterbury and Otago universities. In Auckland, the total of all building work increased 32% to $ 6.9 billion for the year, while residential increased 29% to $ 4.4 billion. In Christchurch post-earthquake building is continuing with the latest $ 300 million development of 600 homes confirmed by Building and Housing Minister Nick Smith. The development adds to three set up under the Christchurch Housing Accord, between the Christchurch City Council and the Government, which aimed to increase the longer term supply and affordability of homes and are the final phase of the Government’s housing response to the earthquakes. ‘I am hugely encouraged by the progress we are making in Christchurch, where the market is now well recovered from the loss of 10,500 homes in the quakes. Housing in Christchurch was an acute problem two years ago, with costs rising rapidly and record numbers of people requiring emergency housing,’ said Smith. He pointed out that rents in Christchurch have declined by 7% in the past year as compared to a national increase of 3% and house prices have increased 2.6% compared to the national increase of 14.2%. ‘We are now well down the road of recovery. The completion of these four Government-initiated housing projects and the council’s new housing organisation will help give Christchurch a mix of social and affordable housing to meet future needs,’ added Smith. Continue reading

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