HOME-BUILDING FORECASTS IN AUCKLAND ON THE UP
Home-building consents in Auckland are outstripping forecasts with an official annual outlook adding 6000 to the number expected in the next six years.
The latest National Construction Pipeline Report expected 96,000 dwellings to be consented in Auckland by the end of 2024, with nearly six out of 10 being apartments or in multi-unit blocks.
The joint forecast from the Ministry of Business, Innovation and Employment (MBIE) and the Building Research Association (BRANZ) expects consents to rise by 33 per cent from their current levels, to a record 17,000 in 2024.
The rate of growth of home-building activity in Auckland is faster than previously forecast, with 14,500 consents expected this year, a level that had not been expected to be hit until 2020.
While the annual forecast looks at the number of homes consented, or given approval to be built, the numbers completed continue to lag.
Auckland Council’s monthly data shows 14,032 home consents issued in the 12 months to June, while only 10,080 were signed off as having been completed.
The annual forecast underlines the rising proportion of Auckland dwellings which are in multi-unit blocks, rather than traditional standalone homes.
Dwellings consented in multi-unit blocks accounted for just over 50 per cent of the 2018 total, but by 2024 will rise to 58 per cent.
Mayor Phil Goff called the rising level of consenting more evidence of housing progress across Auckland.
“To put the scale of current consenting activity in perspective, we have consented more dwellings in the first half of 2019, than in the 24 months in 2009 and 2010 combined,” Goff said.
Auckland’s home building has been climbing steadily since plummeting following the Global Financial Crisis, to a trough in 2009.
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