Housing market conditions in Auckland, Wellington & Canterbury acc. to Westpac economists.
• Housing market tightness in Auckland rises to acute levels as the city wrestles w/ housing shortage & affordability, worsened by strong population growth & low levels of home building.
• If Auckland can’t build 11,000 new homes a year, housing shortfall will get worse before it gets better.
• Meanwhile, Wellington’s housing & rental markets have tightened, but building consent levels have already picked up.
• The region will face some challenges in addressing its housing shortfall – pressure on rents, housing affordability, building costs & high density of building.
• On the other hand, Canterbury’s housing market is in a period of transition, as its housing cycle continues to be shaped by reconstruction.
• Though the next decade is likely to see a period of moderate home building activity, business confidence remains very positive in Canterbury.
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