This indicator approximates the demand for, and supply of, new dwellings. It measures changes in demand and how responsive supply is.
The number of new dwelling building consents is lagged by six months (presented as a 12-month rolling average), to account for the time taken from consenting to completion. It is not adjusted for non-completions or for demolitions. It is used as a proxy for supply.
The most recent resident population, divided by the local average housing size, is used as a proxy for demand. Both sets of data are sourced from Stats NZ.