Gap biggest ever between building new and buying an existing home
In the BNZ’s latest Eco Pulse publication, Jones says the cost is about three times the long-run average, but it should narrow as building costs flatten and house prices rise – the bank is forecasting a 7% upswing through next year.
Jones says the number crunching is an interesting exercise in its own right but also has relevance for the macro-outlook.
Build costs skyrocket
Nailing down one all-encompassing measure of build costs is nigh on impossible given all the variables in play such as size, location, complexity, and specification, he says.
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