One Auckland-based housing block, which featured 108 modular units, was once promoted as the way of the future.
Now, it is abandoned, with its’ builders in liquidation owing millions of dollars — yet another example of the downturn in construction.
Builderscrack.co.nz co-founder Jeremy Wyn-Harris told 1News work is more “scarce” than it has been.
“People are going out of business, it’s tough out there. There are opportunities there — it’s just a lot harder to secure work.”
Issues in the construction industry are rife — the number of building consents have fallen by 23%, and apartment consents specifically have fallen by 52%, in the last year.
Gareth Kiernan, chief forecaster and operations director at Infometrics said New Zealand was heading towards having a “greater undersupply” of housing.
“The banks have tightened up their funding considerably for some of those multi-unit developments, so that’s made it increasingly difficult for people to go ahead with those projects,” he said.
https://www.1news.co.nz/2024/07/04/construction-downturn-bites-hard-its-tough-out-there/