New Zealand records tremendous growth in real sector

The real estate sector in New Zealand, has received a boost judging by the increased number of building consents issued by Building and Housing Ministry.

According to the Minister of Building and Housing, Nick Smith, the increase in housing supply, is mainly in Auckland and Christchurch.

Smith said: “We are well on the way to recovering the 10,500 homes lost to the earthquakes in Canterbury, with another record set for building consents. The 588 consents issued last month confirms the Government's view that the Christchurch housing market will have supply and demand back in balance by 2017/2018.”

He added that ‘These positive signs follow a general pattern of strong growth that has continued for almost four years. They confirm the latest GDP data showing a $9.5 billion annual investment in residential construction - an all-time high. It shows that the Government's programme of measures to increase housing supply is working.’

The New Zealand Government has setup initiatives that will help more citizens own their own homes.