The number of new homes being consented is continuing to rise, hitting a 46 year high in the 12 months to the end of October, in spite of the effects of the lockdowns earlier in the year and worries about a subsequent economic slowdown.
According to Statistics NZ, 37,981 new dwellings were consented in the 12 months to the end of October, up 2.8% compared to the previous 12 months.
That was the highest number of new homes consented in any month of the year since February 1974.
The annual rate of increase is likely to rise further, with 3659 dwellings consented in the month of October, up 7.2% compared to October last year.
October was the second month in a row that consents have been at elevated levels.
On an annual basis growth in new dwelling consents was particularly strong in Hawkes Bay, where they were up 53.1% in the 12 months to the end of October compared to the previous 12 months, followed by Taranaki 22.3%, Tasman 18.4%, Canterbury 9.4% and Auckland 5.1%.
However on an annual basis consents were down substantially in Nelson -26.6%, Northland -23.4%, Otago -10.1%, West Coast -9.1%, Bay of Plenty -7.1% and Waikato -3.6%.
The full regional trends are available in the interactive chart below.
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