New NZIER report identifies the factors contributing to the region's success
The New Zealand Institute of Economic Research (NZIER) highlighted Canterbury’s success in addressing housing availability and affordability in its latest Insight 111 report.
Overcoming the devastating impacts of the 2011 earthquake, Canterbury has emerged as a leader in building its way out of housing shortages, the report found.
A model of recovery and growth
According to NZIER’s housing shortage model, despite a national shortfall of more than 80,000 dwellings since 2001, Canterbury has uniquely managed to reverse its housing deficit.
With more than 500 new dwellings consented annually per 1,000 additional residents since 2011, Canterbury’s approach to post-earthquake rebuilding has significantly improved its housing affordability.
The NZIER report identified several factors contributing to Canterbury’s success, including a rapid increase in dwelling consents and strategic policy responses post-earthquake.
These efforts have not only replenished the lost housing stock but also kept house price and rent increases in Canterbury below those in Auckland and Wellington.
NZIER urged policymakers to consider Canterbury’s proactive and coordinated approach to urban development and housing provision as a blueprint for national housing strategy.
Insights for future development
The Insight 111 report underscored the importance of a shared development plan and political will, advocating for better coordination between central and local governments. By embracing the collaborative and decisive tactics employed during Canterbury's recovery, other regions can similarly overcome housing shortages and improve affordability, the report said.
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