Dwelling consents are up 25 per cent year-on-year with 49,733 granted , said New Zealand Statistics . That ’ s almost 1,000 consents every week for the 12 months to the end of February .
There has also been a big jump in the number of retirement villages and townhouses being approved .
The increase in building activity will boost the supply of homes becoming available and could substantially help first-time buyers enter the market .
It could also benefit owners looking to upgrade , giving them more choice of housing stock . The focus on retirement age units is also interesting for those seeking to downsize but struggling to find suitable accommodation .
Seasonally adjusted , consents were 10 per cent higher , and a significant turnaround on the numbers for January when consents dipped by -8.7 per cent , said New Zealand Statistics .
And if you think these annual numbers began to tail off when the Official Cash Rate ( OCR ) began to rise , think again .
Some 4,195 new dwellings were granted consent in February – up 34.1 per cent compared with February 2021 .
HERE ’ S HOW THE NUMBERS BREAK DOWN :
• 25,518 detached homes , an increase of 15.6 per cent
• 3,910 consented apartments , down just 20 units from the previous year
• 2,942 units in retirement villages , the biggest growth percentage in the latest numbers – up 64 per cent from 12 months ago .
• 1,842 townhouses , an increase of 45.8 per cent
By region , the numbers of new dwellings consented in the year ending February 2022 compared with the corresponding period in 2021 were :
• 20,786 in Auckland : + 22 per cent
• 5,094 in Waikato : + 23 per cent
• 3,687 in Wellington : + 24 per cent
• 7,695 in the rest of North Island : + 22 per cent