The new housing market continues its steady growth with 3180 new dwelling consents issued throughout the country in March, according to Statistics NZ.
That was up on both a monthly and annual basis, with March's consents up 8.7% compared to March last year, while the 34,516 new dwelling consents issued in the 12 months to March were up 10.0% compared to the previous 12 months.
There are also increasing signs that new housing activity in Auckland is now starting to keep pace with the region's burgeoning population growth.
Interest.co.nz estimates that around 12,867 new homes need to be added to Auckland's housing stock each year to keep pace with its population growth, and the latest figures show 13,875 new dwelling consents were issued in Auckland in the 12 months to March, up 24% on the previous 12 months.
That means the number of new homes being consented in Auckland has more than doubled in the last five years.
However, housing supply in the region will remain tight for some time because of the lag between consents being issued and buildings being completed and because of the considerable undersupply caused by several years of housing construction failing to keep pace with the region's migration-fuelled population growth.
Nationally, stand alone houses continue to be the main type of new home being consented, although multi-unit dwellings such as apartments and home units are providing the greatest growth.
In the 12 months to March, 21,616 stand alone houses were consented throughout the country, up 3.5% compared to the previous 12 months, while 6600 townhouses and units were consented (+24.8%) and 4033 apartments were consented (+18.4%).
There has also been significant growth in retirement village units, with 2267 consented in the 12 months to March, up 24.8% compared to the previous 12 months.
The interactive chart below shows the monthly dwelling consent trend in each region.
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