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flag House construction costs in New Zealand grew slowly in 2024, with a 1.1% annual increase.

flag The cost of building a house in New Zealand has seen slower growth, with the annual increase for a standard three-bedroom house falling to 1.1% in 2024, down from 2.4% in 2023 and 10.4% in 2022. flag CoreLogic's Cordell Construction Cost Index (CCCI) attributes the slowdown to resolved COVID-related supply chain issues and fewer new dwellings being built. flag Despite this, CoreLogic economist Kelvin Davidson expects construction conditions to improve in 2025 as mortgage rates drop, but cost growth will likely remain controlled.

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