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In our November update, more than 42,000 new rates were applied across Auckland, Hamilton, Palmerston North, Wellington, Christchurch and Dunedin. The average rate of increase has certainly slowed since our last update, reflecting an easing in the global supply chain issues that arose throughout the Covid-19 pandemic.
Here are some notable changes since our last major construction cost update:
Cost planning rates
On average, each Element has increased by 0.4% since August. The notable movers were:
- Frame: down 4% due to a reduction in reinforcing and structural steel rates
- Substructure: down 2.9% due to a reduction in reinforcing steel rates
- Structural Walls: down 2.5% also due to a reduction in reinforcing steel rates
- Drainage: up 5% due to increases in plant hire and many drainage items
- Roof: up 2.8% with both metal sheet and metal tiles up
Each Trade has increased by an average of 0.9% since our August update. The notable movers were:
- Reinforcing Steel: down 16.9% due to a more favourable exchange rate
- Structural Steelwork: down 2.9%, also due to a more favourable exchange rate
- Infrastructure: up 7% due to increases in plant hire and drainage rates
- Demolition: up 5.1% with plant hire and tip fees increasing (except in Hamilton)
- Drainage: up 4.7% due to increases in plant hire and many drainage items
Building costs per square metre
The average change over the six centres (Auckland, Wellington, Christchurch, Dunedin, Hamilton and Palmerston North) since our last major update in June 2023 was 0.3% for non-residential buildings (excluding educational buildings) and 1.1% for residential buildings.
In our August mini update, approximately 12,000 current material & labour prices have been adjusted, which has produced almost 8,000 new rates across Auckland, Hamilton, Palmerston North, Wellington, Christchurch and Dunedin.
Cost Planning Rates
There has been minimal movement since our last update in June, with an average range of between -1.7% and +1.0% in each Element.
Similar to our Cost Planning Rates, there was minimal movement in this section, with an average range of between -2.3% and +2.4% for each Trade.
Some of the most notable changes in the Cost Planning and Detailed Rates are:
- Diesel: up 16.6% due to the government subsidy being removed. Although it has gone up, it is actually 24.5% down from this time last year.
- Structural timber: down 0.7%. Not all sizes have decreased, in fact 200 x 50 and 250 x 50 H3.2 has gone up, and Hyspan/Hyjoist have not changed in price since last time.
- Timber Cladding/decking: down 2.4%. This is due to cedar reducing 15.6%. Although 100 X 25mm Vitex Decking is up 33.4%.
- Steel framing: up 6.0% for GIB Rondo products.
- Reinforcing: down 0.6% for 300E, 500E and mesh.
- Delonghi Radiators: up 8.0%.
- Goldair heaters and towel rails: up 32.6%.
Want to know more?
To see the full list of changes – and to take the guesswork out of pricing your next project – subscribe to QV CostBuilder today.
Your subscription grants instant access to a wealth of regularly updated data, covering everything from the building costs per square metre for a range of different buildings, to the indicative costs of more than 10,500 other items, plus labour rates and hours, plant constants, and more than we can list here.