29/01/2016 1:53:00 p.m.
29 January 2016
Hamilton’s residential construction market continues to rise, with the number of building consents issued from January – December 2015 up almost 60 per cent compared to the same period in the previous year.
The number of new residential dwellings consented in 2015 reached 1188 by the end of the year, compared with 743 in 2014 and 880 the year before.
These consents were worth $286m in 2015, compared with $177 million in 2014 and $206 million the year before. Over the past three years, approval has been given for 2800 new homes with a total value of $669 million to be built in the city.
2015 also saw a rise in the number of apartments being built with 81 apartments, 797 houses, 306 townhouses, flats, units and other dwellings consented in 2015.
The latest figures indicate this trend is continuing, with 173 consents granted in December compared to 125 for December 2014 and expectations within the building sector are the construction boom will continue in 2016.
Non-residential building consents have also eclipsed the value of the two previous years with 422 consents worth $214m in 2015; 488 consents worth $174m in 2014 and 464 consents valued at $187m the previous year.
Over the past three years, $1.25 billion worth of building consents have been signed off by the Council.
A total of 142 subdivision consent applications were granted last year, providing 1230 sections and units (ie houses, townhouses and apartments and industrial and commercial titles).
Mayor Julie Hardaker says the figures are great news for Hamilton and the Waikato.
“These figures reflect the significant residential and commercial investment going on in Hamilton in 2015, the jobs it has created and the economic activity generated,” she says. “There is plenty of work on the books as we start 2016 and we expect to see this trend continue in 2016.”
Mayor Hardaker says the Demographia Report on housing affordability released this week shows that Hamilton continues to maintain a significant affordability difference between Auckland and Tauranga, with Auckland, Tauranga, Christchurch, Wellington and Dunedin all recording a higher affordability index than Hamilton at 5.1.
“House prices have certainly risen over the 2015 calendar year and we have definitely seen pressure from Aucklanders. It’s really important for the city that we continue to balance supply and demand as the number of residential building consents continues to rise,” says Mayor Hardaker.
Demographia Report: http://www.demographia.com/dhi.pdf
Demographia Report Median Multiply NZ 2015 – 3rd Quarter
Least affordable most affordable
Medium market: 5.2
FOR MORE INFORMATION CONTACT:
Mayor Julie Hardaker
07 838 6976
021 284 8618