Photo: NZ HeraldBuilding costs have increased at their fastest rate on record following a surge in new building consents. The annual growth rate also hit an all-time high of 7.3 percent, eclipsing the previous record of 6.9 percent in 2017. CoreLogic chief economist Kelvin Davidson said the price increases were occurring as the demand for materials outstripped supply. The shift towards building more townhouses, which accounted for nearly half of all consents and require fewer materials, offered no respite because of the sheer volume of new builds. Wage costs were also rising within building firms, Davidson said.

Source: New Zealand Herald April 20, 2022 05:34 UTC