Quotable Value Ltd said today the average cost of building a new home in New Zealand’s 4 largest cities had risen on average by 3.5% in the year to May, and by 25.5% since the previous price peak of 2007.
The assessment is by QVcostbuilder, an arm of state-owned enterprise Quotable Value Ltd, which provides the latest construction cost data to the property & construction industries through an online subscription web platform tool.
It also shows the average cost of building a standard 140m², 3-bedroom, one-bathroom home rose most in Wellington, up 2.43% over 12 months to an average $258,000. Auckland rose 2.32% to $272,000, Dunedin rose 2.12% to $254,000 and Christchurch rose 1.92% to $277,375.
QV national spokesperson Andrea Rush said building costs rose most in Wellington as its house price index jumped more than 20%.
She said costs for larger houses (between 200-600m²) increased by a higher percentage – 3.39% over the year, 38.6% since 2007.
The averages exclude the cost of land, demolition of existing structures, additional costs due to building code changes, structural requirements, external works, utilities connections, balconies & covered ways, professional & council fees & gst.
Attribution: QV release.