‘Golden Triangle’ dominates property development numbers
The “Golden Triangle” regions of Auckland, Waikato, and Bay of Plenty continue to dominate property development activity in New Zealand, accounting for close to 60 per cent of the annual national building consents issued.
Home to just over half of New Zealand’s population (50.18 per cent), The Golden Triangle regions accounted for 52.4 per cent of New Zealand’s GDP growth in the year to March 2021 and $11.978 billion or 57.12 per cent of the value of all building consents issued.
Building consents within the Golden Triangle have outpaced the rest of New Zealand for over a decade, with an average compounded annual growth of 10.5 per cent since 2010 compared with 7.02 per cent for the rest of the country.
As property prices increase, developers are beginning to look outside of the Golden Triangle, and with improved roads and rail infrastructure districts within on the periphery, such as South Waikato District, the Eastern and Western Bay of Plenty are becoming the latest boom areas.