The real estate sector crisis: Record number of home agrees granted in Auckland

New Zealand

9 Nov, 2020 06: 01 AM 2 minutes to enjoy a book

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PM Jacinda Ardern has applauded to Newstalk ZB’s Mike Hosking she is worried about the housing market when prices continue to rise. Audio / Newstalk ZB

By RNZ

A record number of consents for homes has been approved by Auckland Council this year, the highest since public records began in the 1990s.

In September, the council published permission for 1734 new household builds in the city, bringing the amount of consents for new dwellings the 2010 season to 15, 470.

Auckland Mayor Phil Goff said 56 per cent were townhouses and rentals, and the remainder were either stand alone houses or retirement villages.

The high number of dwellings is due to progress in addressing housing existing, but house prices were right now on the rise, which could be problematic designed for first home buyers, he asserted.

Council forecast coop prices to drop by 7. 1 per cent due to Covid, but the amounts have “continued to increase maybe as much as 12 per cent over the year”.

Goff said a buoyant housing market stimulates economic recovery and more often supply would “dampen the inflationary impact of house prices”.

Building more houses have help bring balance between resource and demand, which would slow unsecured credit card debt of increases and deal with shelter shortages and affordability in due course, this individual said.

Of the short minutes, 470 new consents so far this, 11, 000 are almost incorporated.

September consents required dwellings in Drury, Takanini, Milldale, Dairy Flat, Māngere, Mount Roskill and Oranga.

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