Latest news with #BuildingResearchAssociationofNewZealand
Scoop
27-05-2025
- Business
- Scoop
Average Section Price Drops To The Lowest In Nearly 3 Years
Press Release – BRANZ BRANZ Build Insights features data that can help the sector forecast construction demand, track workforce trends & better calculate expected build delivery & consenting times. Itll also help us understand changes in New Zealanders living conditions … House prices are becoming more affordable, with section prices down 15% ($35,000) from their mid-2022 peak. However, the high cost of building continues to make new builds inaccessible for many, according to the latest data from the Building Research Association of New Zealand (BRANZ). These findings have been drawn from BRANZ's new data tool BRANZ Build Insights – the first of its kind to bring together reliable economic insights from across the building sector. The latest quarterly data (January–March 2025) reveals that the average price for a section and new standalone house is down 4.1% to $1,018,000 – $43,000 less than the previous quarter (October–December 2024). However, this remains substantially more expensive (+$201,000) than buying an existing home. A driving factor for this is that house build prices have continued to increase in recent years and at nearly twice the rate of inflation. Latest estimates show that building a basic 200m2 home, which would have cost just over $650,000 in mid- 2022, will now cost $777,000. This is nearly a 20% increase over a time when general inflation rose 12%. Existing property prices have increased slightly over the same period. BRANZ Senior Economist Matt Curtis says: 'We're still experiencing high build costs since the pandemic, from a number of factors, including increased material costs, higher wage costs as well as the general inflation we're seeing across all sectors. 'But this new data is showing us the first signs of improving affordability in the new-build sector and since 2023, the number of building consents issued for standalone homes has been slowly increasing – growing 5% in the year ending March 2025 compared to the year ending March 2024. 'We're also seeing house sizes getting smaller to adapt to rising costs. The average size of new standalone houses consented in 2024 was 176m2 compared to 184m2 in 2023,' he says. 'Generally, smaller and simpler houses are a good thing – they cost less to build and are also more cost-effective for people to live in, with less energy and maintenance expenses.' Since 2022, the building and construction industry has faced significant challenges, including a decline in new startups and notable increases in business liquidations (up 37% in the year to February 2025 compared to a year earlier). However, the sector's skills pipeline shows a more promising outlook. This has been underscored by a surge in trades training, and carpentry apprenticeships have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. BRANZ CEO, Claire Falck explains how the data from BRANZ Build Insights brings together reliable insights from BRANZ and multiple data sources across the building sector into one trusted tool: 'BRANZ Build Insights features data that can help the sector forecast construction demand, track workforce trends and better calculate expected build delivery and consenting times. It'll also help us understand changes in New Zealanders' living conditions and the impact of new initiatives across our housing. 'Having all this data in one place means anyone can easily track building system trends and outcomes, which will help support industry best practice, decision-making, and analysis. 'This tool will continue to grow with new reliable data sources being added, allowing a more enriched understanding of the building sector,' says Claire. 'It will also be coupled with regular BRANZ economic reports to give sector-leading updates on the status of the built environment, on a regular basis, for the first time.' Q1 2025 building and construction sector insights: Reduced section prices: The average 500m2 section in the March quarter is $240,000, $35,000 less than in mid-2022. There are however significant regional variations: For instance, the average cost of a 500m² section in Auckland is over $505,000, compared to $65,000 in the West Coast. Reduced overall new build cost: The total average price for a section and new build standalone house is $1,018,000 – $42,000 less than the $1,060,000 in December 2024. Construction costs outstrip inflation: The cost to build a house has increased by nearly 20% since mid-2022, with an average 200sqm house now costing $777,000. Over the same period when general inflation rose 12%. Shift in consents: Building consents for standalone houses have increased slightly, whereas consents for attached dwellings have decreased by 17%. Decline in consent value: The total value of residential building consents has fallen by 13% compared to 2023 after adjusting for inflation. Growth in construction businesses: There are more construction businesses and workers now than ever before, with 81,891 businesses operating in 2024. Increase in construction businesses: There are now more construction businesses than ever before – 81,891 in 2024, outpacing the growth rate of all industries in the last decade. However, construction business liquidations were up 37%, and made up 31% of all business liquidations. Positive long-term outlook: Despite the economic downturn, the long-term outlook remains positive, with more construction businesses being started and fewer ceasing operations compared to other industries. Surge in apprenticeships: Carpentry apprentices have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. Increase in trades training: Participation in trades training has nearly doubled since 2014, with the total number of trainees, apprentices, and tertiary qualification students in construction increasing from 57,000 to 93,000 in 2023. About BRANZ Build Insights BRANZ Build Insights is a new tool created by BRANZ to track building system data. Bringing together reliable insights from across the building sector into one trusted source, BRANZ Build Insights supports industry best practice, decision-making and analysis. BRANZ Build Insights can help you: BRANZ is a trusted, independent expert in building construction. We provide practical research, testing, quality assurance and expertise to support better buildings.
Scoop
27-05-2025
- Business
- Scoop
Average Section Price Drops To The Lowest In Nearly 3 Years
Press Release – BRANZ BRANZ Build Insights features data that can help the sector forecast construction demand, track workforce trends & better calculate expected build delivery & consenting times. Itll also help us understand changes in New Zealanders living conditions … House prices are becoming more affordable, with section prices down 15% ($35,000) from their mid-2022 peak. However, the high cost of building continues to make new builds inaccessible for many, according to the latest data from the Building Research Association of New Zealand (BRANZ). These findings have been drawn from BRANZ's new data tool BRANZ Build Insights – the first of its kind to bring together reliable economic insights from across the building sector. The latest quarterly data (January–March 2025) reveals that the average price for a section and new standalone house is down 4.1% to $1,018,000 – $43,000 less than the previous quarter (October–December 2024). However, this remains substantially more expensive (+$201,000) than buying an existing home. A driving factor for this is that house build prices have continued to increase in recent years and at nearly twice the rate of inflation. Latest estimates show that building a basic 200m2 home, which would have cost just over $650,000 in mid- 2022, will now cost $777,000. This is nearly a 20% increase over a time when general inflation rose 12%. Existing property prices have increased slightly over the same period. BRANZ Senior Economist Matt Curtis says: 'We're still experiencing high build costs since the pandemic, from a number of factors, including increased material costs, higher wage costs as well as the general inflation we're seeing across all sectors. 'But this new data is showing us the first signs of improving affordability in the new-build sector and since 2023, the number of building consents issued for standalone homes has been slowly increasing – growing 5% in the year ending March 2025 compared to the year ending March 2024. 'We're also seeing house sizes getting smaller to adapt to rising costs. The average size of new standalone houses consented in 2024 was 176m2 compared to 184m2 in 2023,' he says. 'Generally, smaller and simpler houses are a good thing – they cost less to build and are also more cost-effective for people to live in, with less energy and maintenance expenses.' Since 2022, the building and construction industry has faced significant challenges, including a decline in new startups and notable increases in business liquidations (up 37% in the year to February 2025 compared to a year earlier). However, the sector's skills pipeline shows a more promising outlook. This has been underscored by a surge in trades training, and carpentry apprenticeships have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. BRANZ CEO, Claire Falck explains how the data from BRANZ Build Insights brings together reliable insights from BRANZ and multiple data sources across the building sector into one trusted tool: 'BRANZ Build Insights features data that can help the sector forecast construction demand, track workforce trends and better calculate expected build delivery and consenting times. It'll also help us understand changes in New Zealanders' living conditions and the impact of new initiatives across our housing. 'Having all this data in one place means anyone can easily track building system trends and outcomes, which will help support industry best practice, decision-making, and analysis. 'This tool will continue to grow with new reliable data sources being added, allowing a more enriched understanding of the building sector,' says Claire. 'It will also be coupled with regular BRANZ economic reports to give sector-leading updates on the status of the built environment, on a regular basis, for the first time.' Q1 2025 building and construction sector insights: Reduced section prices: The average 500m2 section in the March quarter is $240,000, $35,000 less than in mid-2022. There are however significant regional variations: For instance, the average cost of a 500m² section in Auckland is over $505,000, compared to $65,000 in the West Coast. Reduced overall new build cost: The total average price for a section and new build standalone house is $1,018,000 – $42,000 less than the $1,060,000 in December 2024. Construction costs outstrip inflation: The cost to build a house has increased by nearly 20% since mid-2022, with an average 200sqm house now costing $777,000. Over the same period when general inflation rose 12%. Shift in consents: Building consents for standalone houses have increased slightly, whereas consents for attached dwellings have decreased by 17%. Decline in consent value: The total value of residential building consents has fallen by 13% compared to 2023 after adjusting for inflation. Growth in construction businesses: There are more construction businesses and workers now than ever before, with 81,891 businesses operating in 2024. Increase in construction businesses: There are now more construction businesses than ever before – 81,891 in 2024, outpacing the growth rate of all industries in the last decade. However, construction business liquidations were up 37%, and made up 31% of all business liquidations. Positive long-term outlook: Despite the economic downturn, the long-term outlook remains positive, with more construction businesses being started and fewer ceasing operations compared to other industries. Surge in apprenticeships: Carpentry apprentices have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. Increase in trades training: Participation in trades training has nearly doubled since 2014, with the total number of trainees, apprentices, and tertiary qualification students in construction increasing from 57,000 to 93,000 in 2023. About BRANZ Build Insights BRANZ Build Insights is a new tool created by BRANZ to track building system data. Bringing together reliable insights from across the building sector into one trusted source, BRANZ Build Insights supports industry best practice, decision-making and analysis. BRANZ Build Insights can help you: BRANZ is a trusted, independent expert in building construction. We provide practical research, testing, quality assurance and expertise to support better buildings.
Scoop
27-05-2025
- Business
- Scoop
Average Section Price Drops To The Lowest In Nearly 3 Years
House prices are becoming more affordable, with section prices down 15% ($35,000) from their mid-2022 peak. However, the high cost of building continues to make new builds inaccessible for many, according to the latest data from the Building Research Association of New Zealand (BRANZ). These findings have been drawn from BRANZ's new data tool BRANZ Build Insights – the first of its kind to bring together reliable economic insights from across the building sector. The latest quarterly data (January–March 2025) reveals that the average price for a section and new standalone house is down 4.1% to $1,018,000 - $43,000 less than the previous quarter (October–December 2024). However, this remains substantially more expensive (+$201,000) than buying an existing home. A driving factor for this is that house build prices have continued to increase in recent years and at nearly twice the rate of inflation. Latest estimates show that building a basic 200m2 home, which would have cost just over $650,000 in mid- 2022, will now cost $777,000. This is nearly a 20% increase over a time when general inflation rose 12%. Existing property prices have increased slightly over the same period. BRANZ Senior Economist Matt Curtis says: 'We're still experiencing high build costs since the pandemic, from a number of factors, including increased material costs, higher wage costs as well as the general inflation we're seeing across all sectors. 'But this new data is showing us the first signs of improving affordability in the new-build sector and since 2023, the number of building consents issued for standalone homes has been slowly increasing – growing 5% in the year ending March 2025 compared to the year ending March 2024. 'We're also seeing house sizes getting smaller to adapt to rising costs. The average size of new standalone houses consented in 2024 was 176m2 compared to 184m2 in 2023,' he says. 'Generally, smaller and simpler houses are a good thing – they cost less to build and are also more cost-effective for people to live in, with less energy and maintenance expenses.' Since 2022, the building and construction industry has faced significant challenges, including a decline in new startups and notable increases in business liquidations (up 37% in the year to February 2025 compared to a year earlier). However, the sector's skills pipeline shows a more promising outlook. This has been underscored by a surge in trades training, and carpentry apprenticeships have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. BRANZ CEO, Claire Falck explains how the data from BRANZ Build Insights brings together reliable insights from BRANZ and multiple data sources across the building sector into one trusted tool: 'BRANZ Build Insights features data that can help the sector forecast construction demand, track workforce trends and better calculate expected build delivery and consenting times. It'll also help us understand changes in New Zealanders' living conditions and the impact of new initiatives across our housing. 'Having all this data in one place means anyone can easily track building system trends and outcomes, which will help support industry best practice, decision-making, and analysis. 'This tool will continue to grow with new reliable data sources being added, allowing a more enriched understanding of the building sector,' says Claire. 'It will also be coupled with regular BRANZ economic reports to give sector-leading updates on the status of the built environment, on a regular basis, for the first time.' Q1 2025 building and construction sector insights: Reduced section prices: The average 500m2 section in the March quarter is $240,000, $35,000 less than in mid-2022. There are however significant regional variations: For instance, the average cost of a 500m² section in Auckland is over $505,000, compared to $65,000 in the West Coast. Reduced overall new build cost: The total average price for a section and new build standalone house is $1,018,000 - $42,000 less than the $1,060,000 in December 2024. Construction costs outstrip inflation: The cost to build a house has increased by nearly 20% since mid-2022, with an average 200sqm house now costing $777,000. Over the same period when general inflation rose 12%. Shift in consents: Building consents for standalone houses have increased slightly, whereas consents for attached dwellings have decreased by 17%. Decline in consent value: The total value of residential building consents has fallen by 13% compared to 2023 after adjusting for inflation. Growth in construction businesses: There are more construction businesses and workers now than ever before, with 81,891 businesses operating in 2024. Increase in construction businesses: There are now more construction businesses than ever before - 81,891 in 2024, outpacing the growth rate of all industries in the last decade. However, construction business liquidations were up 37%, and made up 31% of all business liquidations. Positive long-term outlook: Despite the economic downturn, the long-term outlook remains positive, with more construction businesses being started and fewer ceasing operations compared to other industries. Surge in apprenticeships: Carpentry apprentices have more than doubled in the past decade, with 21,165 apprentices in 2023 compared to 9,280 in 2014. Increase in trades training: Participation in trades training has nearly doubled since 2014, with the total number of trainees, apprentices, and tertiary qualification students in construction increasing from 57,000 to 93,000 in 2023. About BRANZ Build Insights BRANZ Build Insights is a new tool created by BRANZ to track building system data. Bringing together reliable insights from across the building sector into one trusted source, BRANZ Build Insights supports industry best practice, decision-making and analysis. BRANZ Build Insights can help you: About the Building Research Association of New Zealand (BRANZ) BRANZ is a trusted, independent expert in building construction. We provide practical research, testing, quality assurance and expertise to support better buildings.
Yahoo
02-04-2025
- Yahoo
British couple found dead in suspected murder-suicide in New Zealand
A British couple who emigrated to New Zealand have been found dead at their home in a suspected murder-suicide. The bodies of Ben and Claire Anderson were discovered by police at a residential property in a Wellington suburb on Monday. Officers forced their way into the home in Palliser Road around 10:25pm after a concerned family member raised the alarm. Neighbours in the suburb of Roseneath reported hearing a series of loud bangs that evening, but said they did not sound like gunshots. Post-mortem examinations on the couple were conducted on Wednesday and the case has been referred to the coroner's office. The couple, who have four children and are originally from Suffolk, are believed to have been boarding with their landlord, who described them as 'my British lodgers'. Mr Anderson is believed to have worked as a scientist for the Building Research Association of New Zealand (BRANZ) since January this year and had previously been employed as a lead researcher for Southampton University. New Zealand media said Mrs Anderson was a teacher. The landlord said the couple were 'passionate about being in New Zealand and giving their family the experience of living here'. In a statement to the New Zealand Herald newspaper, they said: 'He was a clever, caring, charming man. 'She was vibrant, kind, intelligent and both of them made friends wherever they went. They were both absolutely wonderful human beings. They were both such positive and incredible parents, friends, and members of many communities. 'We send our love and condolences to their whanau [a Maori term for extended family] and friends.' Emma Prestidge, a neighbour, described them to Radio New Zealand, the country's public broadcaster, as 'lovely people' and 'dream neighbours'. Paul Prestidge told the Herald newspaper that he met the Andersons a few months ago when he moved in, and the homeowner invited him and his wife over for dinner. The group had shared a welcome dinner and would see each other on the properties' shared walkway from time to time. He said the couple were 'very friendly people', giving an example of how they'd met a man on a flight and struck up a friendship to the point they invited him over for dinner. Police have issued an appeal for those with CCTV or dash cam footage to come forward to help with the investigation. Det Insp Haley Ryan, from New Zealand Police, said: 'I want to provide assurance that there is no ongoing risk to the Roseneath community.' The force said in a statement: 'Police are providing support to the family at the centre of this tragic event. 'The family have requested privacy as they grieve their loss.' A spokesman for the Foreign Office said:'We have not been approached for consular assistance in this case, but our staff stand ready to support British nationals overseas 24/7.' The coroner's court in Wellington has been approached for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
02-04-2025
- Telegraph
British couple found dead in suspected murder-suicide in New Zealand
A British couple who emigrated to New Zealand have been found dead at their home in a suspected murder-suicide. The bodies of Ben and Claire Anderson were discovered by police at a residential property in a Wellington suburb on Monday. Officers forced their way into the home in Palliser Road around 10:25pm after a concerned family member raised the alarm. Neighbours in the suburb of Roseneath reported hearing a series of loud bangs that evening, but said they did not sound like gunshots. Post-mortem examinations on the couple were conducted on Wednesday and the case has been referred to the coroner's office. The couple, who have four children and are originally from Suffolk, are believed to have been boarding with their landlord, who described them as 'my British lodgers'. Lead researcher Mr Anderson is believed to have worked as a scientist for the Building Research Association of New Zealand (BRANZ) since January this year and had previously been employed as a lead researcher for Southampton University. BRANZ said it was directing all inquiries to police. New Zealand media said Mrs Anderson was a teacher. The landlord of the property said the couple were 'passionate about being in New Zealand and giving their family the experience of living here'. In a statement to the New Zealand Herald newspaper, they said: 'He was a clever, caring, charming man. 'She was vibrant, kind, intelligent and both of them made friends wherever they went. They were both absolutely wonderful human beings. They were both such positive and incredible parents, friends, and members of many communities. 'We send our love and condolences to their whanau [a Maori term for extended family] and friends.' 'Dream neighbours' Emma Prestidge, a neighbour, described them to Radio New Zealand, the country's public broadcaster, as 'lovely people' and 'dream neighbours'. Paul Prestidge told the Herald that he met the occupants of the home a few months ago when he moved in, and the homeowner invited him and his wife over for dinner. The group had shared a welcome dinner and would see each other on the properties' shared walkway from time to time. He said the couple were 'very friendly people' giving an example of how they'd met a man on a flight and struck up a friendship to the point they invited him over for dinner. Police have issued an appeal for those with CCTV or dash cam footage to come forward to help with the investigation. 'No ongoing risk' Det Insp Haley Ryan, from New Zealand Police, said: 'I want to provide assurance that there is no ongoing risk to the Roseneath community.' The force said in a statement: 'Police are providing support to the family at the centre of this tragic event. 'The family have requested privacy as they grieve their loss.' A spokesman for the Foreign Office said:'We have not been approached for consular assistance in this case, but our staff stand ready to support British nationals overseas 24/7.'
