The RCG Development Tracker has just been given its May update, as always featuring a number of new projects. I’ve also added Auckland’s rail network and stations – sorry, I really should have done this months ago – so it’s possible to see where developments are happening close to train stations. Next on the list, I should be adding in the Wellington rail network, figuring out a way to incorporate the Congestion Free Network and so on…
In terms of intensification around rail stations, it’s certainly not all quiet on the western front. There are a lot of projects underway or planned in inner west Auckland, with most of them pretty close to train stations. Note that this includes some Special Housing Areas which may not be actively underway at the moment.
More centrally, we’re now looking at a huge number of developments around the CBD, Grey Lynn, Eden Terrace, Parnell and other inner suburbs. Most of these places have great links to train stations – or they will when the City Rail Link is complete – and even if they don’t, they’re well connected with buses and other alternatives to driving.
On to building consents, which are an excellent indicator of what’s going to be happening in the next year or two. Statistics New Zealand have just given their data a massive overhaul, and they now give a lot more detail on the typology of new dwellings.
This image shows that Auckland is almost at 8,000 consents a year – still well below the Auckland Plan targets, which are for an average of 10,000 a year over 2012-2022 and even higher after that. This supply still isn’t fast enough to meet demand, especially with migration running hot.
Also interesting is that consents for standalone houses have actually been pretty flat since 2013. In that year, 4,318 houses were consented. In the twelve months to March 2015, the figure was 4,628. I’m sure we’ll hear more about this in the MBIE’s monitoring of the Housing Accord, which I’ll try to write about next month.
Where there has been growth is in apartments, retirement village units, and the catch-all category of “townhouses, flats, units, and other dwellings”. That will be clearer in this next graph:
This shows a dramatic rise in apartment consents from late 2013 – although, to be fair, momentum seems to have trailed off there as well in the last year. There’s also been a jump in retirement village consents, and a steady rise for other units.
Based on what we’re seeing with the Development Tracker, I’d expect to see more apartments consented during the rest of this year, and more of the other kinds of units as well. Barring some kind of macroeconomic nasty, this should keep growing in the years to come.