Kāinga Ora budgets retrofits at 7x build-cost inflation

Kāinga Ora budgets retrofits at 7x build-cost inflation
The housing agency will spend $323m to upgrade older houses. (Image: Getty)
Brent Melville
Housing agency Kāinga Ora will spend $323 million to renovate 820 homes this year, an average of $393,902 per home.That’s only marginally less than the cost of building a brand new 140 square metre home at today’s prices, Bank of New Zealand (BNZ) research shows.In 2023, the agency costed its retrofits at $251m across 747 of its older residences, or $336,011 per home, meaning it's banking on a construction inflation level of 17.2%.That’s more than seven times last year’s annual inflation of 2.4% for build costs,...

More Property

Vector faces fresh complaint on unfair contract terms
Property

Vector faces fresh complaint on unfair contract terms

Vector faces more scrutiny over contract terms after Commerce Commission advice.

Vector ‘on notice’ for unfair contract terms; complainant now facing higher costs
Property

Vector ‘on notice’ for unfair contract terms; complainant now facing higher costs

A developer’s Fair Trading win against Vector feels like a loss.

Garth Bray 01 Jul 2025
Investore buys New Lynn Bunnings site for $43 million
Property

Investore buys New Lynn Bunnings site for $43 million

Investore Property has struck a deal to acquire the Bunnings complex in New Lynn, Auckland.The company told the market on Friday it had entered an unconditional agreement to acquire the property for $43 million.The 2.2-hectare site at 2–12 Titirangi Rd features an 11,000sq m buil...

Staff reporters 27 Jun 2025