February sets huge new annual record

The number of new homes consented in the year ended February 2022 increased 25% compared to the same period in 2021, while the number of new homes consented in the month of February 2022 set a new record

There were 49,733 new homes consented in the year ended February 2022 – which smashed a previous best set nearly half a century ago, said Stats NZ Construction Statistics Manager Michael Heslop.

“Prior to 2021, the highest number of new homes consented was 40,025 in the year ended February 1974. February 2022’s record is almost 10,000 higher.” 

While the year ended February 1974 record was beaten in the year ended March 2021 (41,028), February 2022’s record blows March out of the water.

Up, up and away

There were also 4,195 new homes consented in February 2022, a massive 34% increase on January 2022 and the highest-ever recorded for the month of February.

The seasonally adjusted number of new homes consented in February 2022 rose 10.5% compared with January 2022. This increase followed a seasonally adjusted decline of 8.7% in January 2022 and a rise of 0.6% in December 2021.

Stand-alone houses accounted for most of all new homes consented in the year ended February 2022, with 25,518 consented. There were 17,403 townhouses, flats and units consented, as well as 3,910 apartments and 2,942 retirement village units.

In the month of February 2022, the figures showed a more even distribution of consents. There were 1,950 stand-alone houses, 1,842 townhouses, flats and units, 218 apartments and 185 retirement village units. 

Record breaking start to 2022

Five regions broke consent records for the year ended February 2022. Auckland consented 20,786 (up 22%), Canterbury consented 8,317 (up 42%), Wellington consented 3,687 (up 24%), Otago consented 2,449 (up 27%), and Northland consented 1,525 (up 46%).

“When population size is taken into account, the region with the most new homes consented in the year ended February 2022, was Canterbury with 12.8 new homes per 1,000 residents,” said Helsop.

“Next was Auckland with 12.1, Waikato with 10.1, and Otago with 9.9.”

New homes consented per 1,000 residents across New Zealand was 9.7, up from 7.8 in the year ended February 2021.

Among the biggest increases were Canterbury, which rose from nine homes consented per 1,000 residents to 12.8 and West Coast (3.7 homes to 6.6). Interestingly, Hawke’s Bay (5.7 to 5.6) and Marlborough (4.8 to 4.4) suffered drops.

Boom for non-residential building consents 

In the year ended February 2022, on-residential building consents totalled $8.3bn, up 16% from the year ended February 2021. The building types with the highest value were:

• Education buildings – $1.4bn (up 11%).
• Factories – $1.3bn (up 47%).
• Storage buildings – $1.1bn (up 4.8%).