Month after month MB has documented the worsening housing shortage in Auckland, where massive immigration-fuelled population growth continually overruns the supply of new dwellings.
Yesterday, Auckland Council’s chief economist, David Norman, noted that even if the number of homes built in Auckland were magically increased by 20% and population growth was dropped by 25%, the city would still have a housing shortage of 30,000 dwellings in nine years time. From Interest.co.nz:
Auckland Council’s chief economist says if we suddenly increased the number of houses built in Auckland by 20% and reduced population growth by 25%, we’d still be 30,000 houses short in nine years’ time.
Speaking at an Infrastructure New Zealand conference last week, David Norman did a stock-take of where Auckland’s at in terms of ramping up the supply of housing.
To begin with, he put the housing shortfall in the region at 46,000 – a figure on par with the Ministry of Business, Innovation and Employment’s numbers and slightly lower than the Reserve Bank’s.
While the number of new dwellings consented picked up from mid-2017 to an annual gain of 25% in June, Norman noted the blip in the upward trend of consents issued that resulted from the Auckland Unitary Plan being bedded in…
Norman also noted the average size of dwellings consented had fallen by 42m² over the past five years – largely due to multi-units accounting for a larger portion of consents…