Buying an existing house now cheaper than building

The average price to build is at $3,200 per square metre. (Image: BusinessDesk)

Mon, 30 Oct 2023

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...

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