Since September 4, 2010, $1.2 billion of earthquake-related consents were issued.
ASB economist Christina Leung said given the estimates only took into account direct repairs and reconstruction on damaged sites, the true extent of rebuilding was likely to be even greater.
A new house built somewhere else as a result of the demolition of a damaged house would not be included as an earthquake-related consent.
''It is encouraging to see earthquake rebuilding gaining momentum, despite problems in the Christchurch City Council consent issuing process which culminated in the council losing its building consent accreditation at the beginning of July.''
The July result suggested the disruption had been limited and longer-term capacity issues were expected to be resolved, she said.
ASB expected earthquake rebuilding in Canterbury and stronger house building demand in Auckland would continue to drive stronger residential construction over the coming years.
Nationally, dwelling consents issued eased slightly in July. The small fall during the month was driven by lower consents issued for apartments. Excluding that more volatile component, core dwelling consents issued increased 3.1%.
Ms Leung said it was encouraging to see dwelling consents issued in Canterbury and Auckland increasing. Housing supply constraints had been acute in those regions.
''There are signs relatively strong house price inflation is encouraging stronger house building demand.''
She estimated dwelling consents issued in Auckland increased 5% and in Canterbury 6.9% over the month, on a seasonally adjusted basis.
However, the housing shortage - estimated at 20,000 to 30,000 in Auckland and 10,000 in Canterbury - was expected keep the supply and demand imbalances remaining for some time yet, Ms Leung said.
The Reserve Bank had become increasingly concerned about growing pressures in the housing market and recently announced new limits on new mortgages with deposits of less than 20%.
Given the broad nature of demand and low levels of housing supply, the loan-to-value ratios (LVRs) were expected to have only a modest impact on the housing market.
''We continue to expect the Reserve Bank will still need to lift the official cash rate in March 2014 in the face of increasing housing market pressures and growing capacity pressures stemming from the earthquake rebuild,'' Ms Leung said.
