BUILDING NUMBERS CAUSE FOR OPTIMISM

NEW development industry data, included in a report in today’s Bulletin, gives renewed confidence for our city’s construction industry. Builders several months ago were bracing themselves as they confronted rain and supply problems which delayed small and large projects, frustrating both themselves and clients hit with higher costs. They were not shocked by the headlines surrounding the failure of construction giant Condev, and predicted more bad news in the months ahead.

But a development activity report, put together by council, not only showcases how good the past 12 months have been but gives confidence that the foundations are in place for a positive future.

The report for the financial year 2021-22 shows 5449 applications for approval last year. City players say this is a record number.

Officers emphasise these approvals are an accurate measure of projects going ahead. The data looks at trends in areas like plumbing applications.

In the past financial year, development applications were up by nine per cent and building approvals by three per cent. Another piece of data which confirms there are few blockages in approving work relates to Planning and Environment Court appeals. These are tracking at fewer than one per cent of decisions made.

At the property coalface, on the ground, leading real estate agents in their April-June reporting remain upbeat, encouraging owners to sell now because supply of housing stock remains so low.

They acknowledge the economy has commenced transitioning postCovid, with interest rate rises, increasing cost of living, reduced consumer confidence, and higher inflation.

But it appears these dark forces are yet to impact on prices, or confidence about the Coast. With steady migration and strong tourism numbers, the city is on track to shine in summer.