Satish Ranchhod, Senior Economist at Westpac, suggests that NZ’s recent dwelling consent figures point to a significant increase in medium density home building over the coming year, centred on Auckland.
Key Quotes
“As a result, we’ve revised up our forecast for residential construction.”
“Auckland is now entering a new phase of its construction cycle. The acceleration in home building is occurring at the same time as net migration is cooling.”
“Looking ahead, we expect that Auckland will soon be building enough homes to start gradually eating into its housing shortage.”
“Auckland is still looking at a protracted home building cycle, with around a decade of strong construction needed.”
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