The number of new homes completed in Auckland in February jumped, although residential construction in the region remains subdued compared to activity levels over the previous three years.
Auckland Council issued 1029 Code Compliance Certificates (CCCs) for new dwellings in February. That was up 21% compared to January, and up 14% compared to February last year.
It was also the first time the number of CCCs issued has pushed past 1000 a month since October last year.
CCCs are issued when a building is competed, making them the best indicators of new housing supply, unlike building consents which are an indicator of potential future supply.
On average it takes around two years from the time a residential building consent is issued until building work is completed and a CCC is issued.
However, although the numbers of new dwellings being completed had a bit of a lift in February, their numbers still remain at a relatively low level.
The average number of homes completed each month, over a 12 month period, was over 1200 in every month of last year, and over 1400 a month in 2024.
The last time average monthly completions were running at current levels was in late 2022 to early 2023. So residential construction activity remains well below where it was during the peak in mid-to-late 2023.
The graph below shows the monthly dwelling completion trends in Auckland since February 2020.
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1 Comments
More stock on the Market. Not the best time to get there but once yous committed.... you are committed.
Coming on the market is one aspect. Selling them is another and just as importantly at what price. Seems analysing what's on the market, when it sold and for how much is a bit too much in the the messy/time consuming basket. Also into the mix, if pulled from the market and then rented.
Auckland housing stock will continue to decline as the falling trend of new supply continues and net migration builds.
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