[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 5 sources · 7 days · First seen · Last updated

New Zealand construction cost increases

Overview

Construction costs in New Zealand have shown an upward trend. In September, costs increased by an average of 0.2%, as price drops in plasterboard linings and GIB products were offset by rising expenses in plumbing, waterproofing, and diesel. Timber was a primary driver of inflation, with structural timber rising by 4.4% and plywood cladding by 5.6%.

By the third quarter, residential building costs in New Zealand rose by 1.7%, marking the fastest quarterly increase since late 2022 and bringing the annual growth rate to 4.8%. This increase, which exceeds the long-term average of 4.0%, is attributed to higher costs for materials, freight, and fuel, specifically noting price hikes in structural steel, PVC, sealants, and petroleum-based plumbing products.

Entities

Martin Bisset · Cotality · Quotable Value · Building Cost Information Service · Cordell Construction Cost Index

Timeline

  1. [BUSINESS] 2 sources
    Construction costs rise in UK and New Zealand

    Construction costs are rising in the UK and New Zealand, with UK building costs forecast to grow 14% over five years and NZ residential costs hitting a 4.8% annual increase.

  2. [BUSINESS] 3 sources
    New Zealand construction costs rise despite falling GIB prices

    New Zealand construction costs rose by 0.2% in September, as falling GIB and plasterboard prices were offset by significant increases in timber and plumbing costs.

Sources

buildingtoday.co.nz · business.scoop.co.nz · fmj.co.uk · interest.co.nz · livenews.co.nz