According to Smith, a three-year report on the Auckland Housing Accord shows 37,538 new consents and dwellings against a target of 39,000 - or 96 percent of target.
"The 34 percent growth in residential investment in Auckland during the past year to a record $4.8 billion confirms the progress being achieved in growing supply," he said.
Smith underscored there is no single fix to the problem, but a key component is freeing up land supply. Looking ahead, he said he would be pushing for legislation to support major urban redevelopment projects in the New Year.
Yesterday, Smith said the government is also proposing reforms to better protect people buying and owning property under the Unit Titles Act.
"An important driver to these reforms is that the scale of unit title developments is increasing. The average complex size currently is only 10, but many new developments have more than 100 units," he said.
Consultation on the proposals, which include better disclosure rules at the time of purchase and strengthening body corporate governance, will run until March 2017.