Auckland house consents at five year high

The Herald reports:

Auckland house and apartment building is at a five-year high, with nearly 5700 dwelling consents issued in the year to October.

Geoff Cooper, Auckland Council chief economist, said this was the highest annual figure since 2008 and a 28 per cent increase over the year to October, 2012.

That’s a step in the right direction. You can only lower the pressure on prices by reducing the cost of land and construction, increasing supply and/or reducing demand. Ideally all three.