New Zealand Housing and Construction quarterly · New Zealand Housing and Construction Quarterly December 2013 Housing and Construction ... increases in the costs of building a house

New Zealand

Contents

2 Quarterly Highlights

Housing Market

3 House Values by Region

4 Rents by Region

5 Auckland and Christchurch Rents

6 Vacancies and Rents by Room

7 Housing Affordability

Construction

8 Construction Sector Performance

9 Residential Construction

10 Non-Residential Construction

11 Building Activity

12 Construction Costs

Social Housing

13 Affordability for Low-Income Households

14 Low-Income Housing Costs

15 Government Social Housing

New Zealand Housing and Construction Quarterly December 2013

Housing and Construction Quarterly

December 2013

Key Issues

Auckland: diverging prices and rents

We shine a spotlight on Auckland house prices and rents

and offer possible explanations.

Christchurch: cheapest major city to build in

Recent discussion on the cost of building is addressed as we

look at New Zealand Building Economist data on building

costs.

Earthquake rebuild

The focus on the Christchurch rebuild continues with

Statistics New Zealand reporting increasing earthquake -

related building activity. Earthquake related building costs

were valued at $60 million in September.

Building consents

Building consents across the country have also been a

topical issue this past quarter with an unusually strong

performance in Greater Christchurch, a reflection of the

building work occurring there. Building consents in both the

Greater Christchurch and Auckland regions are continuing

to increase, although Auckland has yet to see the peaks

reached before the recession.

The New Zealand Housing Quarterly provides

quarterly data and analysis on the housing

market, construction and social housing. This

publication is produced by the Ministry of

Business, Innovation and Employment.

The report is available at:

http://www.dbh.govt.nz/sector-information

www.dbh.govt.nz

p2 New Zealand Housing and Construction Quarterly December 2013

Quarterly Highlights

Overview

Recent media attention has focused on the costs of

building a house in New Zealand. Compared to Australia,

the construction industry in New Zealand is relatively

small and has higher costs and fewer suppliers

competing in the sector.

The Ministry of Business, Innovation and Employment

(MBIE) has recently released an options paper aiming to

study the residential construction sector in order to

lower construction costs and improve housing

affordability.

During the last quarter, regional data have shown small

increases in the costs of building a house in Auckland,

Christchurch and Wellington. However, the price of

building a house in New Zealand shows no drastic

differences between regions, suggesting nation-wide

factors are impacting the industry rather than region-

specific ones.

The issues paper can be found on the MBIE website:

http://www.mbie.govt.nz/about-

us/consultation/consultation-on-residential-

construction-sector-market-study. Submissions on the

options paper closes on December 18th.

Welcome to the New Zealand Housing Quarterly

The New Zealand Housing and Construction Quarterly

aims to condense the previously published Key Indicator

Reports into one succinct and informative publication.

As housing is an important issue in New Zealand at the

moment we have aimed to produce a publication that

provides a diverge range of housing information

including housing markets, construction and social

housing.

We welcome your feedback on the report and

encourage you to send any comments, suggestions or

queries. We are aiming to release a report towards the

end of February, May, August and November each year.

Auckland: Diverging Prices and Rents

Since January 2012 house values in Auckland have grown

at an average growth rate of 11% per year. Over the same

period, rents have only grown by 3% per year. Although a

similar divergence was apparent in Auckland during the

mid-2000s housing boom, in general, rents and house

values should broadly follow the same path over time. If a

shortage in housing exists, a shortage of rental and

owner-occupied properties is to be expected. For

example, over the same period Greater Christchurch

house values grew 16% and rents grew by 24%. This

reflects a housing market with a shortage of supply, the

lack of housing leads would-be renters and would-be

homeowners to drive up values and rents as they

compete for limited stock.

But Auckland is different — house values are rising

rapidly, while rental growth is slower (but still higher than

inflation). This reflects the fact that the supply of houses

for sale is low while the supply of houses for rent has

been rising. REINZ listings data in Auckland support this

theory with the number of listings for sale in September

2013 down almost a third compared with mid-2012 to

7,400 per month, while still having to supply a similar

number of transacted sales (~2,500 per month). In

contrast, the number of rental listings on Trademe has in

most parts of Auckland increased by 13–18% in the year

ending June 2013.

There are several possible explanations for this

divergence. One would be that increasing numbers of

Aucklanders have left rental accommodation to buy a

home, thereby decreasing the stock of houses for sale

and increasing the supply of rentals available. Another

explanation could be that more investors are buying

formerly owner-occupied houses and converting these

into rentals. This would also reduce the stock of houses

for sale and increase the supply of rentals. Both types of

purchasers are likely to have been driven by historically

low mortgage interest rates, but there may yet be other

factors at play.

Further exacerbating the shortage is the low construction

activity in Auckland since the Global Financial Crisis (in

2007/08). This constrains the supply of new houses into

the market. Meanwhile, the population of Auckland

continued to grow at a similar rate. Auckland Council

previously estimated the housing shortage to be 20,000-

30,000 houses. However, recently released 2013 Census

population data suggest that the shortage is lower, more

like 5,000 houses.

www.dbh.govt.nz

Source: Property IQ

Table 1: House Values

National

Auckland

Christchurch

Wellington

* seasonally adjusted

Figure 2: Average House Values Source: Property IQ


$441,850 11.0%

$447,762 3.0%

Figure 1: Annual Change in Values for the Three Months EndingOctober 2013

Average

Value

Annual

Change*October 2013

$456,192 8.3%

$671,362 13.3%

House Values by Region

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Christchurch

Wellington

House Values Increase 13% in Auckland

Across New Zealand, increasing house

values are concentrated in the Greater

Christchurch region. This area (including

Christchurch City) has seen a 5%+ increase

in house values for three months ending

September 2013. On the opposite end of

the scale, regions like the Far North are

experiencing a decrease of more than -5% in

house values.

Figure 2 shows Auckland prices continuing

to increase faster than other major regions

as well as the national average. Comparing

the second quarters of both 2007 (first

major growth) and 2013 (post recession) we

can see that Auckland is growing at a rate

21% higher than its last growth spike in

2007. Interestingly however, Christchurch

has started to catch up to both the National

and Wellington averages in the next few

quarters, and may exceed both in the

future, if the current trend continues.

Annual Value Change

10%+

5%-10%0%-5%-5%-0%

-5%+No Data

The below values are from Property IQ, estimating current market valuation of each property at any time.

www.dbh.govt.nz

Source: MBIE

Table 2: Rent Profile

National

Auckland

Gtr. Christchurch

Wellington


Figure 4: Average Weekly Private Rents Source: MBIE


$447 2.9%

Average

Rent

Annual

Change*October 2013

$364 3.8%

Figure 3: Annual Change in Rents for the Three Months EndingOctober 2013

$365 0.9%

$415 14.3%

Rents by Region

$0

$100

$200

$300

$400

$500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Gtr. Christchurch

Wellington

Rents up 14% in Greater Christchurch

The Greater Christchurch region has

sparked the greatest interest in the past

three months with regards to rents.

Greater Christchurch grew by 4.4% in the

last quarter, eclipsing Auckland (1.1%) and

the national average (1.8%). The region

has now passed both the Wellington and

national rents, and is catching up to

Auckland. The Auckland, Wellington and

national average lines are following the

same basic historical patterns of growth,

while events in Christchurch highlight the

pressing need for housing there. Inflation

in the year ended September 2013 was

1.4%.

This is highlighted in the adjoining map,

with the highest annual percentage

change (10% and greater) in the Greater

Christchurch region. Southland and

various areas across Canterbury are the

next highest, with the West Coast

recording little to no changes in rent.

Annual Rental Change

10%+

5%-10%

0%-5%

-5%-0%

-5%+

No Data

www.dbh.govt.nz

Source: MBIE

Source: MBIE


-8.6%

-8.2%

Mt Eden East

Cockle Bay -10.9%

Epsom South -17.1%

Epsom North -13.4%

48.5%

Howick West

Kohimarama West

October 2013

October 2013

Figure 5: Annual Change in Christchurch Rents for the Three Months Ending

Figure 6: Annual Change in Auckland Rents for the Three Months Ending

St Heliers

-9.3%

-9.1%

Durham Green

Grey Lynn West

Barrington South

Papanui

Opawa

Moncks Bay

49.4%

48.8%

Top 10 Increases

Orakei South

% change

Pakuranga Central 33.2%

28.0%

Top 10 Decreases

14.3%

Newton 17.7%

-8.2%

Remuera South

-25.8%

Table 3: Christchurch Rental

Changes

Table 4: Auckland Rental

Changes

% change

All Decreases % change

Somerfield 52.9%

Top 10 Increases

Jellie Park -2.7%

Deans Bush

38.8%

38.4%

-1.5%

Shirley West -1.0%

Styx Mill -8.8%

Middleton -5.8%

Redwood South

Russley -0.3%

Auckland and Christchurch Rents

Akarana -11.3%

Parnell East 23.7%

% change

Waitaramoa 50.5%

Kohimarama East

Fendalton 36.2%

Upper Riccarton 28.6%

34.3%

St Albans West 29.0%

Strowan 28.0%

Glen Eden East 19.4%

Walmsley 16.0%

Point Chevalier East 22.0%


20%+

10%-20%

0%-10%

-10%-0%

-10%+No Data


20%+

10%-20%

0%-10%-10%-0%

-10%+

No Data

www.dbh.govt.nz

Figure 7: Rental Vacancy Rate Source: MBIE

Table 5: Rental Vacancy Rates Table 6: Average Rent by Bedrooms

National 1 bedroom

Auckland 2 bedrooms

Canterbury 3 bedrooms

Wellington 4 bedrooms

* seasonally adjusted 5+ bedrooms

Figure 8: Average Private Rent by Bedroom Source: MBIE


Average

Rent

Annual

Change*September 2013 October 2013

3.0% -2.3%

%

Annual

Change*

Vacancies and Rents by Room

$2663.1% -2.6%

3.3% -2.9% $324 2.9%

$371 3.3%

$471 2.0%

3.7%

3.9% 0.4%

$599 2.0%

Rental Vacancy Rates Flattening

Rental vacancy rates have dropped off this year,

coinciding with growing rental demand and increases in

rents across the Greater Christchurch region.

Regionally, all vacancy rates have decreased slightly,

with no major changes, other than for Wellington,

which has historically not followed the same trend as the

other regions.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Gtr. Christchurch

Wellington

One-Bedroom Rents up 3.7%One-bedroom properties have increased in average rent

over the last quarter, while properties of other sizes

have remained relatively steady.

Properties with five or more bedrooms are also slowly

moving away from the other sized properties, with the

gap between the five plus bedroom properties and the

four-bedroom properties 14% larger this quarter than at

the same quarter in 2008.

$0

$100

$200

$300

$400

$500

$600

$700

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

5+ bedrooms

4 bedrooms

3 bedrooms

2 bedrooms

1 bedroom

www.dbh.govt.nz

Figure 9: Massey University Housing Affordability Index Source: Massey University

Table 7: Housing Affordability

Massey Affordability

National

Auckland

Canterbury

Wellington

Rental Affordability

National

Auckland

Canterbury

Wellington


Figure 10: Rental Affordability Index Source: MBIE, MSD (MBIE calculations)


-1.2%

-8.6%

3-month

Change*

12-month

Change*September 2013

-1.0%

0.4%

-1.8%

-3.9%

2.0%

-1.3%

8.4%

2.7%

0.3%

-1.0%

1.9%

1.1%

3-month

Change*

12-month


-2.4%

2.1%

Housing Affordability

0

5

10

15

20

25

30

35

40

45

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Canterbury

WellingtonNote: The index gets higher as housing gets less affordable

0

5

10

15

20

25

30

35

40

45

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Canterbury

WellingtonNote: The index gets higher as housing gets less affordable

Canterbury Rental Housing is Less Affordable

Massey housing affordability figures have been stable over the last

year. Auckland housing is starting to grow less affordable relative to

the other regions, which have remained steady.

Similarly, rental affordability has remained relatively steady, apart

from Canterbury becoming less affordable. The gap between regions

in rental affordability is smaller than for housing affordability.

www.dbh.govt.nz

Figure 11: Annual Change in Real GDP (%) Source: Statistics New Zealand

Table 8: Gross Domestic Product Table 9: Employment

All Industries All Industries

Construction Construction


Figure 12: Annual Change in People Employed (%) Source: Statistics New Zealand


Annual

Change*

Construction Sector Performance

$b

Annual

Change* September 2013

$1.8 15.6%

June 2013

people

employed

4.1%

1,376,400 2.5%

98,500

$36.5 2.5%

Construction GDP up 15.6%

GDP figures for construction and all other industries

have increased in the past quarter by 1.4% and 0.3%

respectively.

Construction GDP figures have now largely recovered

from their post-recession slump, and are now in a similar

place, relative to total GDP, to what they were at the

start of 2008.

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

All Industries

Construction

Construction Employment up 4.1%

Employment figures for both the construction and all

other industries have increased slightly in the last

quarter.

Within the last quarter the employment levels within the

construction industry have flattened slightly, still short of

the figures seen before 2008. Similarly, employment

values for all industries have been on the increase

slightly, throughout the last quarter.

-15%

-10%

-5%

0%

5%

10%

15%

20%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

All Industries

Construction

www.dbh.govt.nz

Figure 13: Dwellings Consented Source: Statistics New Zealand

Table 10: Residential ConstructionDwellings Consented

National

Auckland

Gtr. Christchurch

Wellington

Alterations & Additions

National

Auckland

Gtr. Christchurch

Wellington


Figure 14: ResidenGal AlteraGons and AddiGons ($m) Source: Statistics New Zealand


98 -19.3%

Dwelling

Consents

Annual


1,860 22.3%

489 6.6%

544

Residential Construction

53.0%

$13 11.1%

September 2013

$138 49.2%

$53 63.4%

$m

Annual

Change*

$27 172.2%

Consents up 53% in Greater Christchurch

Building consents have been a popular topic this past quarter with an

unusually strong performance in Greater Christchurch and increased

activity reflecting the building work occurring there at the moment.

Both the Greater Christchurch and Auckland regions are continuing to

increase, but Auckland consents have yet to return to the levels seen

before the recession.

Similarly, alterations and additions continued to increase across New

Zealand over the last quarter, especially in Greater Christchurch due

to reconstruction activity within the region.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Gtr. Christchurch

Wellington

$0

$20

$40

$60

$80

$100

$120

$140

$160

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National Auckland

Gtr. Christchurch Wellington

www.dbh.govt.nz

Figure 15: Non-ResidenGal Consents ($m) Source: Statistics New Zealand

Table 11: Non-Residential ConstructionNew Consents

National

Auckland

Gtr. Christchurch

Wellington

Alterations & Additions

National

Auckland

Gtr. Christchurch

Wellington


Figure 16: Non-ResidenGal AlteraGons and AddiGons ($m) Source: Statistics New Zealand


$23 428.1%

$244 22.8%

$83 -11.4%

$60 20.4%

September 2013

$98 -16.8%

$48 0.2%

$13 -15.7%

-30.1%

Non-Residential Construction

Annual

Change*September 2013 $m

$m

Annual

Change*

$10

Non-Residential Construction Consents Steady

Non-residential construction data are highly variable, meaning that

recent increases in non-residential construction in Wellington should

be interpreted with care. Non-residential construction was affected by

the global recession and dropped sharply in 2009, as it is not as

heavily influenced by broader economic factors as residential

construction is.

The level of building consents for non-residential construction across

New Zealand has reached a similar level to that before the recession,

partly driven by activity in Greater Christchurch.

Non-Residential alterations and additions have decreased across all

regions except for the Greater Christchurch area, probably due to

earthquake repairs.

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Gtr. Christchurch

Wellington

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National Auckland

Gtr. Christchurch Wellington

www.dbh.govt.nz

Figure 17: Earthquake-Related Building Consents ($m) Source: Statistics New Zealand

Table 12: Total Earthquake Consents Table 13: Building Work Completed

Residential Residential

Non-Residential Non-Residential


Figure 18: Building Work Put-in-Place ($m) Source: Statistics New Zealand


$30.4 $1.3 18.3%

$m

Since Sep

2010 $m

$712

September 2013 June 2013

$29.4 $1.8 21.5%$533

Building Activity

Annual

Change*

Increased Earthquake-Related Building Activity

Earthquake-related building activity has continued to

increase over the past quarter for both residential and

non-residential building work across Greater

Christchurch.

Statistics New Zealand reported that earthquake-related

building consents were valued at $60 million in

September and included the building of 42 new

dwellings.

$0

$10

$20

$30

$40

$50

$60

$70

2010 2011 2012 2013

Residential

Non-Residential

Non-Residential Building Work Completed up 18%

Building work for non-residential construction has

increased slightly during the September quarter.

In contrast, the residential building work put in place has

decreased slightly over the quarter, although it remains

higher than non-residential building. Residential figures

continue to increase slowly out of the post recession

slump, but are still to reach similar increases to those

seen in 2005 or 2007.

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Residential

Non-Residential

www.dbh.govt.nz

Figure 19: Cost of Building a Standard House ($/m2) Source: New Zealand Building Economist

Table 14: Cost of a Standard House Table 15: Hourly Earnings

Auckland All Industries

Christchurch Construction

Wellington * seasonally adjusted

Figure 20: Hourly Earnings Source: Statistics New Zealand


$1,358 2.5% $28 2.4%

$/hour

Annual

Change*$/m2

Annual

Change

Construction Costs

September 2013 September 2013

$1,273 2.7%

$26 4.9%$1,213 2.8%

Christchurch is the cheapest to build in

The cost of building a standard house in Auckland,

Wellington and Christchurch has been growing by

between 2% and 3% annually, with Christchurch being

the cheapest of the three.

Regional data shows that the price of building a house

across the three regions tends to follow a similar trend.

This suggests that national factors are causing increases

rather than region specific ones.

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Auckland

Christchurch

Wellington

Construction earnings up 4.9%

Hourly earnings in the construction sector have

increased more than the national average, at the same

time hourly rates across all industries have also

increased. The start of 2013 saw the gap in earnings

between construction and other industries begin to

converge.

$0

$5

$10

$15

$20

$25

$30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

All Industries

Construction

www.dbh.govt.nz

Source: MSD (MBIE calculations)

Table 16: HNZC Waiting List

A Priority

B Priority

Figure 22: HNZC WaiGng List Source: HNZC


Figure 21: Low Income Housing Affordability for Three Months ending

June 2013

Affordability for Low Income Households

2,817 53.6%

Waiting

List

Annual

ChangeOctober 2013

1,411 37.0%

Housing New Zealand Corporation

(HNZC) Waiting Lists Increase

Across New Zealand, low income housing

affordability issues are concentrated in the

Greater Christchurch and Auckland regions.

Low income housing affordability issues are

also greater in the Northland and

Tasman/West Coast regions because of a

higher concentration of lower income

households in those areas.

There is a greater concentration of low

income housing affordability issues in

Selwyn and Waimakariri compared to

Christchurch City. This may be due to people

looking for housing outside Christchurch

City.

Waiting list levels have increased for both

the A and B categories over the last year.

However, waiting list levels are lower than

the peaks experienced in 2010.

Similarly, the waiting list A category is also a

bigger fraction of the whole list due to

policy changes. Policy and definitional

changes also drove the reduction in the

waiting list after 2010.

0

1,000

2,000

3,000

4,000

5,000

6,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

A Priority

B Priority

Affordabil ity Issues per Capita

Minimal

Low

Moderate

High

Very High

www.dbh.govt.nz

Figure 23: SyntheGc Lower QuarGle (SLQ) Private Rents Source: MBIE

Table 17: Synthetic Lower Quartile Rent

National

Auckland

Gtr. Christchurch

Wellington

1 bedroom

2 bedrooms

3 bedrooms

4 bedrooms

5+ bedrooms


Figure 24: SLQ Private Rents by Bedrooms Source: MBIE


$183

$291

Low-Income Housing Costs

SLQ

Rent

12.4%

$256 1.6%

October 2013

$251 2.7%

$330 2.2%

1.4%

$240 2.8%

$276 1.8%

$343 0.2%

$456 8.1%

Annual

Change*

$0

$100

$200

$300

$400

$500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

5+ bedrooms4 bedrooms3 bedrooms2 bedrooms1 bedroom

$0

$100

$200

$300

$400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Auckland

Gtr. Christchurch

Wellington

SLQ Rents up 12% in Greater Christchurch

SLQ rents in the Greater Christchurch region increased significantly

this past quarter, with the gap between Christchurch and Auckland

bigger for SLQ rents than for average rents. This shows that rents in

Greater Christchurch are increasing faster in the middle of the

spectrum than at the bottom.

Average five plus bedroom rents are increasing steadily, with the gap

between the four and five plus bedroom properties greater than the

gaps for rest of the market. The same phenomenon is occurring with

SLQ rents for five plus bedroom properties, with an 18% increase in

rents of these properties between October 2008 and October 2013.

This suggests that rents for five plus bedroom properties are rising

across the rental spectrum faster than for other properties.

www.dbh.govt.nz

Figure 25: Central Government Housing Spending ($m) Source: MBIE, MSD

Table 18: Social Housing Spending Table 19: Local Government RentsMonthly

IRRS National

AS Gtr. Christchurch

* seasonally adjusted Wellington

Figure 26: Local Government Housing Rents Source: MBIE


Annual

Change

Average

Rent

Annual

Change*October 2013

$55.8 $158 15.0%

$93.3

$144 -13.0%

6.8%

-6.4% $181 55.8%

$mOctober 2013

Government Social Housing

IRRS Spending up 6.8%

Slight increases in government IRR spending, along with

a substantial decrease (6.4%) in AS spending, occurred

over the last year.

The level of government spending has remained

relatively consistent over the last quarter, with levels still

similar to those in the early months of the recession. The

AS trend has been relatively flat over the past few years

due to more recipients reaching the maximum permitted

AS payment.

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Income-Related Rent (IRRS)

Accommodation Supplement (AS)

Council Rent Decreases in Greater Christchurch

The start of 2013 saw a sudden sharp increase in local

government rents in Christchurch, although this increase

has partially reversed in recent months.

Historically, Greater Christchurch government rents have

followed the national and Wellington rents; during 2010

Wellington rents were 24% higher than those for

Christchurch. In contrast, in 2013 Greater Christchurch

rents were 31% higher than Wellington rents.

$0

$100

$200

$300

$400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

National

Gtr. Christchurch

Wellington

The Modelling and Sector Trends Team

1 Energy and Resources

2 Building and Housing

3 Communications and IT

[email protected]

Website

The New Zealand Housing Quarterly is available in PDF format through the Ministry's Building and Housing website:

http://dbh.govt.nz/nz-housing-and-construction-quarterly

For more detailed rental information, please refer to the Open Data Tables:

http://dbh.govt.nz/nz-housing-and-construction-quarterly-open-data

Technical Notes on our definitions and calculations can be found on the above pages.

Data Sources Next ReleaseData for this report has been sourced from:

Ministry of Social Development (MSD)

Housing New Zealand Corporation (HNZC)

Statistics New Zealand Interpreting our GraphsProperty IQ

Massey University

New Zealand Building Economist

The Ministry's internal data have also been used.

Contact [email protected]

http://creativecommons.org/licenses/by/3.0/


ISSN 2350-3327

You may copy all or part of this publication, as

long as you reference the source as the Ministry

of Business, Innovation and Employment.

This publication is shared under a Creative

Commons Attribution licence:

In any line graphs with points and lines, the points

represent actual data and the lines represent a smooth

trend line estimated by MBIE.

The Modelling and Sector Trends team is part of the Infrastructure and Resource Markets (IRM) group of MBIE. The

purpose of the team is to provide data, modelling and analysis services to support the IRM policy development in the

areas of:

Your Feedback is important to us, please let us know what you think by emailing

The next edition of the New Zealand Housing Quarterly

will be released in late February 2014.

Documents

New Zealand Housing and Construction quarterly · New Zealand Housing and Construction Quarterly December 2013 Housing and Construction ... increases in the costs of building a house