Average homebuilding cost hits $1021/m² as August consent number slips

Monday 4 October 2004

The cost of building a new house leapt to an average $1021.45/m² in August, as the number of consents slipped.

By The Landlord

For the August year, consents totalled 32,169, up 8.8% on the previous year and the biggest total for an August year since 1974.

For the month, however, consents were down 15.1% to 2296. Apartment consents fell 9.6% to 284.

The Statistics NZ figures show some signs of contraction, others of expansion.

While the number of consents for the month fell, the average cost of a new home rose 11.1% to $190,854 (excluding land). The average dwelling area rose 4.8% to 186.85m², but the overall area covered by new consents fell by 11%.

And although the overall value of the month’s consents for new dwellings was down 5.6% to $438 million, the average cost/m² was 6% higher than a year ago at $1021.45.

For the year to August, everything is still up – the falls in various aspects over recent months will take a few months to flow through to a general downward trend.

The average new home cost for the whole year was 9.4% higher at $182,455, the average size of dwelling was 2.4% larger at 182.07m², the cost of building topped the $1000/m² mark for the whole year with a 6.8% rise to $1001.95/m² and the total value of all new dwelling consents was 19.1% higher than the previous year at $5.87 billion.

Read More - Opens in a new window
Commenting is closed

House Prices

Regions lead the price growth pack

Provincial markets stole the asking price spotlight from the main centres in January, according to the latest Trade Me Property Price Index.


Headwinds for the commercial market

Tightening credit conditions could impact on New Zealand’s booming commercial property market, according to the Property Council’s chief executive.


Heartland launches reverse mortgages for investors

Heartland has expanded its reverse mortgage business and will now lend against investment properties and second homes, as the product becomes more popular in New Zealand.

Site by PHP Developer