Key Facts

  • Auckland Council issued a record 1949 Code Compliance Certificates (CCCs) for new dwellings in October.
  • This surpasses a previous record in September of 1927 dwelling completions.
  • This level of completion represents the highest in 10 years, using CCCs as a preferred measure of new housing supply.
  • 17,558 CCCs were issued in the 12 months to November, suggesting a high rate of new housing supply.
  • However, there’s a decline in building consents for new dwellings, down by 24% in October compared to the same month the previous year, indicating that the supply of new homes may start to decrease soon.
  • The current surge in completions may be due to fewer new construction projects starting, meaning that builders can focus more on finishing existing projects.

Article Summary

The rate of new home completions in Auckland has hit an all-time high, with a record 1949 Code Compliance Certificates (CCCs) issued in October. This measure surpasses the previous record set in September and marks the highest level within the last decade. CCCs serve as a definitive metric for new housing supply as they are granted upon completion of a building.

The current record on a rolling two-month basis also shows an increased pace of housing supply within the city. 17,558 CCCs were granted over the 12 months leading up to November. However, the number of building consents, which are indicators of future housing supply, is in decline. There was a 24% drop in such consents issued over October compared to the same month last year, which could likely lead to a fall in new home completions in the coming period.

The spike in new home completions may be a result of builders having more resources to commit to existing projects due to a reduction in the start of new building projects. This trend could signal that we are currently experiencing the height of a wave of new residential building work, which may soon start to recede.

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