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

First-home grant 'middle-class welfare and won't be missed'
Property

First-home grant 'middle-class welfare and won't be missed'

It helped middle-income earners who didn't need it, mortgage brokers say.

Maria Slade 23 May 2024
Du Val sacks its own construction firm
Property

Du Val sacks its own construction firm

Group terminates Du Val Construction's contract to build a 180-townhouse project.

Maria Slade 23 May 2024
Leaky building lawyers appeal negligence suit
Property

Leaky building lawyers appeal negligence suit

The litigation funder is in the spotlight.

Victoria Young 17 May 2024
Kiwi Property to sell Auckland's Vero Centre
Property

Kiwi Property to sell Auckland's Vero Centre

Hong Kong conglomerate to pick up tower for 2% below valuation. 

Staff reporters 16 May 2024