Our take on the latest Residential building consents (Fri 29 Nov 2019)
Annual dwelling consents
36,926
As of October 2019
Total new dwelling consents rose 16%pa
Attached dwelling consents up 43%pa
The key numbers...
- There was a total of 3,406 building consents issued in October 2019, 480 more than in October 2018.
- Most of this growth in October came from Auckland and Wellington, which grew 26% and 43%pa, respectively.
- Attached dwelling consents rose 43%pa, while standalone house consents grew 5.4%pa.
- Attached dwellings made up 37% of new consents, slightly lower than in September’s 48% attached dwelling share, but still at a high level historically.
Consent growth by dwelling type
Year-end % changes
...and our reaction
- The Auckland and Wellington regions have been key drivers of consent growth October. More residential construction will be well received in these two regions where first home buyers tend to struggle the most.
- Expectations for renewed strength in house prices in 2020 will provide impetus for continued residential construction activity across the country, particularly in Auckland as prices recover.
- Although there is still considerable growth in attached dwelling consents, the real star this month was standalone house consents which are showing genuine signs of recovery after being in decline for most of 2017 and 2018.
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