Mon, 17 Jan 2022

New Zealand building consents hit new highs

Xinhua
13 Jan 2022, 13:49 GMT+10

WELLINGTON, Jan. 13 (Xinhua) -- New Zealand showed a record 48,522 new homes consented in the year ended November 2021, up 26 percent compared with the same period a year earlier, New Zealand's statistics department Stats NZ said on Thursday.

In November alone, 4,688 new homes were consented, which is the highest number for any month on record, said Stats NZ's construction statistics manager Michael Heslop. It was up 21 percent from November 2020.

The Auckland region led the annual number of new homes consented with 20,384 in the year ended November 2021, with much of the growth in multi-unit homes such as townhouses, apartments and flats, Heslop said.

New Zealand's house prices hit new record highs last year despite the pandemic, while record low interest rates boosted demand for housing and credit.

As the housing demand kept high, the supply touched low. In some regions, inventory levels were at lowest point ever. The New Zealand government has announced a package housing plan to cool down the soaring property market.

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