About 1500 fewer new homes are being built in Auckland each year compared to when the market peaked in the middle of last year. Code Compliance Certificates are issued when a building is completed and are the best measure of new housing supply. However although the figures clearly show that fewer homes are being completed in Auckland, it does not necessarily mean there is a downturn in the residential building industry. On an optimistic note, the problems the pandemic caused for the building industry and the supply of new homes should be past their peak. But given the economic uncertainties currently facing the property market, it remains unclear whether the number of new homes being built will start to bounce back up to its former highs.

Source: New Zealand Herald September 15, 2022 07:37 UTC