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Builders have now priced it at $1.15m to $1.2m. Another project we ran our estimating tools on was $1,038,000 18 months ago. There’s a 10% to 15% real increase on the final build cost of a house. “This is consistent with what we’ve been estimating. Same builder, same materials, same everything, just new prices! So that’s around a $100-$150k increase over the 12-month period. It has just been repriced at $1.1 million.
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“For a bit of reality, we had a project that was fully priced in December 2020 at late $900s. They seem low!” says Trent Simpkin, of Arcline Architecture. However, industry experts reveal that this is a conservative figure, and that down on the construction site, where boots get dirty, the actual increases in building costs are much higher. During 2021, the consumers price index increased 5.9% from the December 2020 quarter to the December 2021 quarter. This is a figure that’s in line with the inflation rate. The report states that the cost to build a standard 200m 2 brick-and-tile house was up by 6.1% for the 2021 calendar year. Price increases that look set to continue.Īccording to the latest Cordell Construction report into residential building costs, prices increased throughout 2021. They are also average prices from January to September, so they don’t reflect accurately the recent huge spike in the cost of building materials. Rising cost of building a new house in 2022Īs we’ve already mentioned, the costs we’ve listed above are estimates based on building consent applications. Costs vary build to build, due to differing house sizes, and these numbers are just estimates based on building consent applications to the end of 2021. However, remember these are just average prices. Wellington boasted the biggest per m 2 costs, while Taranaki and Canterbury were the cheapest. Which is due to the fact that we’re building smaller houses.įor although nationally the average size is pretty much the same, 156m 2 in 2020 to just 155m 2 in 2021, in some areas the downsizing is more pronounced, see below for more details. That’s an increase of 4.4% – a far smaller percentage than the increase in median house prices. Nationally, the average price per m² increased from $2359 (2020) to $2463 (2021). So, by the end of 2021, how had things changed? Did the price for building new homes rise as much as prices for existing homes? The answer was yes … and no. Use Canstar’s personal loan comparison selector to view a wider range of products on Canstar’s database. The table below displays the sponsored unsecured personal loan products available on Canstar’s database for a three-year loan of $10,000 in Auckland, with links to lenders’ websites. If you’re looking for the best personal loan, Canstar’s personal loan comparison tables can help. Region to region, the numbers looked like this: RegionĪverage costs are estimates based on building consent applications and exclude fees and land prices. Source: REINZ Cost of building a new house in 2020īut what about the cost of building a new home? In 2020, the national average cost per m² was $2359, and the average price of a new build was $368,667.
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According to REINZ’s January 2022 Property Report, nationally, median house prices across New Zealand increased annually by 21.5%, from $745,000 in December 2020 to $905,000 in December 2021. And there have been some huge year-on-year increases. Auckland remains in top spot for median prices, but plenty of other regions are on its tail. Over the past year, the NZ property market has run crazy hot. So, over the past year and half, how have things changed? Well, one thing remains the same: Auckland is still the most expensive place in NZ to buy property. In August 2020, we first published our article: Building Costs: How Much to Build a New House in NZ? Since then, we’ve regularly updated it, and it’s remained one of the most popular articles on our website.