How many homes were green-lit in October?
When you are playing the residential property investment game, you have to remember that it is a long process. If the right property for you isn't available today, don't stress – it might be there tomorrow, next week, or even next month. What is important to remember is that with patience and a good plan, you will eventually find the property that works well for you.
With this in mind, the latest figures from Statistics New Zealand have shown a huge amount of property given the green light in October – $1.3 billion of housing, in fact! While $456 million of this wasn't residential, that still leaves a mouthwatering $877 million of residential real estate coming your way in the near future.
This includes 179 apartment dwellings, and 1,973 other dwellings – a great result if you're in the market to buy up a new home.
In seasonally adjusted terms, this means there was an 8.8 per cent increase in home buildings approved through this month, which is a great little turnaround after falling by 12 per cent in September. Looks like it isn't just the weather that's heating up!
While this isn't close to the peak of home building in our fair country, which was in 2004, it's still a great result.
What's more, Auckland and Waikato came second and third for the most dwellings that were approved this month. This is likely to bring you a wide range of property to add to your portfolio in the coming months and years, which should have you very thrilled.
As said before, remember that property is a long game. And with so much of it coming our way, you might want to get the right investment advice before you take the plunge. That's where we can step in – let us help you navigate this sea of incoming real estate!
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert