Buying an existing house now cheaper than building

Buying an existing house now cheaper than building
The average price to build is at $3,200 per square metre. (Image: BusinessDesk)
Brent Melville
The price gap between building and buying an existing home has blown out to almost $200,000, the widest price premium on record, according to the Bank of New Zealand's chief economist, Mike Jones.By BNZ’s estimates, that’s about three times the long-run new build premium average, which sits at about $65,000 dating back as far as 1995.That’s on the back of elevated construction costs, lower house prices and high interest rates, Jones said in his latest housing report.BNZ’s build estimate for an average residential dwe...

More Property

Southbase Construction targets North Island growth
Infrastructure

Southbase Construction targets North Island growth

Set up after the quakes, the Christchurch firm is rapidly scaling up in the North Island.

Oliver Lewis 04 Apr 2025
‘Cowboys’ the reason for building consent delays
Property

‘Cowboys’ the reason for building consent delays

Building inspectors hit back at Minister Penk’s claims they are holding up consents.

Maria Slade 03 Apr 2025
Fletcher Building’s Clever Core prefab house-building factory to shut
Property

Fletcher Building’s Clever Core prefab house-building factory to shut

Fletcher Building’s much-vaunted Clever Core prefab house-building factory at Wiri in South Auckland will close next year and be replaced by a PlaceMakers frame and truss plant.A spokeswoman said Clever Core had not worked out and would close by June 30.“Fletcher Building has mad...

Staff reporters 31 Mar 2025
Graeme Hart lends to twice-bankrupted builder
Property

Graeme Hart lends to twice-bankrupted builder

The owner of failed developer Buildform is a Hart family friend.

Maria Slade 31 Mar 2025