The latest building consent figures suggest the residential construction market will remain at capacity for the next two years.
There were a record 44,299 new dwellings consented in the 12 months to the end of June, according to Statistics NZ.
That was up 17.8% compared to the previous 12 months and up 27% compared to the 12 months to June 2019.
Over the last five years the number of new homes being consented has increased by half (52%) while their value has increased by two thirds (67%).
The total value of new dwellings consented in the year to June was $16.58 billion, up 20.4% compared to the previous 12 months.
On top of that another $2.18 billion of structural alteration work was consented for existing dwellings, taking the total value of residential construction work consented in the 12 months to June to $18.76 billion, up 19.7% compared to the previous 12 months.
Auckland continues to be the main driver of residential building activity, with consents issued for 19,036 new dwellings in the region in the 12 months to June, up 28.8% compared to the previous 12 months, with the number of new dwelling consents issued increasing for four consecutive months.
Stand alone houses continue to be the most common type of new home being built in this country, with 24,522 consents issued in the year to June, accounting for 55% of all new dwelling consents.
However low rise multi-unit dwellings such as townhouses and home units are showing the greatest growth, with 13,529 of them consented in the year to June, up a whopping 44% compared to the previous 12 months.
There were also 4165 apartments consented in the year to June, up 5.8% on the previous 12 months.
The one part of the housing market not showing any growth is retirement village units, with 2083 of them consented in the year to June, down 3.7% on the previous 12 months.
That was the second year in a row that the number of retirement village units being consented has declined.
The interactive charts below show the trend in new residential dwelling consents issued in all regions.
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