According to Statistics NZ and interest.co.nz, the number of new dwellings being consented in Auckland has doubled over the last five years.
With interest rates already at an all-time low and banks’ servicing rates relaxing, an injection of properties into the market is helping home hunters.
The latest stat from Statistics NZ has shown that the number of dwelling consents issued in New Zealand has increased by 24% in July compared to the previous 12 months, where 40.1% of those being in Auckland. This stat is reassuring for a city where active, migration driven population growth puts the highest pressure on housing supply.
Although the consents issued in Auckland were mostly on apartments, where banks do have harder criteria to lend on, it is still a positive sign that now is a good time for first home buyers to enter the market.