4  BIS central bankers’ speeches  If these targets for Auckland are met over the next three years, and if 12,000 new homes are constructed in Christchurch, as predicted, then construction volumes would need to be 10 percent higher than in 2004, which represented the peak of the last building boom.
This estimate, however, assumes no growth in home building in the rest of the country. Pressures on the construction industry will also increase with New Zealand’s infrastructure needs and repairs on the remaining 42,000 leaky buildings nationwide.