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

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

Demand challenges for commercial sector

Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.

Mortgages

LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer