It’s the highest total since February, 1974
Nearly 38,000 new homes were consented in the year ended October 2020, the highest number since 1974, according to Statistics New Zealand.
Latest data by Stats NZ revealed 37,981 new homes consented in the year ended October 2020, up 2.8% from 2019. The all-time high for annual home consents was 40,025 in the February 1974 year.
“Annual new homes consented reached 37,000 late in 2019 and are now close to 38,000 for the first time in decades,” said Stats NZ construction statistics manager Michael Heslop, as reported by Fuseworks Media.
Heslop said a significant increase in plans to build townhouses, flats, and units in the past year had driven the rise in home consents – with the annual number of townhouses, flats, and units consented rising significantly, up by 35.6% in the year ended October 2020.
“Typically, high levels of new homes consented are followed by high levels of building activity in following quarters,” he said.
“Consents indicate an intention to build, and most home construction is completed within a year or two after a consent is granted, though delays due to COVID-19 may have occurred for some projects.”
Meanwhile, the number of new stand-alone houses consented has remained relatively flat (down 0.5% in the October year). Apartment numbers dropped by 22.5%, and retirement village units by 24.5%, according to Stats NZ.
“The proportion of new homes consented that are townhouses, flats, or units has been increasing. Auckland, in particular, has seen rapid changes in the composition of new homes consented,” Heslop said.
