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Are you underinsured? Rising building costs cause alarm.

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  • Are you underinsured? Rising building costs cause alarm.

    Homeowner warning: Insurance cover may not be enough as building costs soar

    See https://www.stuff.co.nz/business/pro...ing-costs-soar


    Shortages of materials and skyrocketing costs, particularly in the last few months, meant the price of building or renovating homes would continue to increase. Local builders reported that brickwork costs had gone up 20 per cent in two months, cedar cladding rose 50 per cent in three months, steel was up 60 per cent in eight months, and everything that was imported was costing more.

    I'm just wondering from any builders or developers out there what $ cost per square M is now a reasonable rule of thumb for constructing a standard materials single level home on a flat section?


  • #2
    I work for a builder, we mainly do architectural builds which are currently tracking around $3,500 m2, so i'd say somewhere between $2750-$3000 m2 would be reasonable. Those figures are exc GST.

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    • #3
      Originally posted by Juicy Guava View Post
      I work for a builder, we mainly do architectural builds which are currently tracking around $3,500 m2, so i'd say somewhere between $2750-$3000 m2 would be reasonable. Those figures are exc GST.

      Thanks for the reply. Good to know. I've been using $3500 per square Meter (Incl. GST) as a check sum for a standard build on flat land.

      Using a Cordell calculator to estimate rebuild costs I note that the calculator has added about 10% to build cost year over year for properties.

      Would you know if a 10% increase in total building costs (labour + materials) over the past year is about right?

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      • #4
        The current RBNZ housing inflation calculator has 29% as it's annual figure.
        Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

        Comment


        • #5
          Originally posted by Sanya View Post
          Homeowner warning: Insurance cover may not be enough as building costs soar
          Am I under-insured?

          Not now. OUCH! (Link to another PT thread.)
          Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

          Comment


          • #6
            Originally posted by Perry View Post
            Am I under-insured?

            Building replacement costs are going through the roof.

            How to build "affordable housing" when latest data from Monopoly Watch indicates the cost of building “entry level social housing” ran to about $3800 per square metre in New Zealand, but should be about $1200/square-metre according to international best practice.

            The Master Builders Association reckons that about 70 per cent of all building products were either imported or required “some component of imported product” perhaps holds some clues as to why.

            https://www.scoop.co.nz/stories/BU21...t-6-months.htm

            In any case i've re-evaluated all my insurance policies and increased the sum insured quite significantly.

            Comment


            • #7
              Originally posted by Sanya View Post
              In any case I've re-evaluated all my insurance policies and increased the sum insured quite significantly.
              As detailed in another PT thread - I've done the same. I then had $2k / per year extra cost to offset from somewhere.

              Now I wonder where that might be?

              WINZ? HNZ?

              Maybe not.

              Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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