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Development update: February 2015

Today, we’ve launched the new RCG Development Tracker page – up and running now, so take a look. The aim is for this to be the most comprehensive source of public data on developments in New Zealand, updated every month. It covers apartments and terraces, as well as hotel, retail, office and retirement village projects. In this post, though, I’ll just look at the residential sector.

You only have to look around Auckland to see that there’s a lot of development activity happening at the moment. Some projects, like the Turing Building, have been completed and residents are now settling in (and the much larger Sugartree Prima building isn’t far behind). Cranes are up for Urba Residences, The Boutique and more, and piling is going in at 88 Broadway. A sales office is currently being built at Wynyard Quarter, for apartments there.

There are many more apartments and terraces being planned, or considered, and the Auckland Council hopes to get thousands more in its Special Housing Areas. All up, we’re now tracking more than 28,000 units in Auckland. That’s just for apartment and terrace-led developments – we won’t be covering traditional subdivisions here.

However, it’s important to give this some context. Some of the projects currently being proposed won’t ever be built; developers will go under, pre-sales won’t be as high as expected, or ideas will be shelved to wait for more favourable conditions. There are already a few projects that seem to have dropped off the radar, although they’ve been replaced with others.

As such, it’s useful to look at building consent statistics. These give us a better idea of how much building will actually take place in the near future. Take apartments, for example: the building consent figures in 2014 were the highest since 2005, and this year seems likely to go even higher.

Auckland Apartment Consents

Stats like this show that it’s a busy summer for builders around Auckland and New Zealand, with a large number of projects on the go.

There’s more to come, too: 2,462 apartments and terraces are currently under construction, and there’s about the same number again which are being sold or marketed.

Development pie chart

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