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There’s good news for Rodney builders with construction costs are rising at one of the slowest annual rates on record.
CoreLogic NZ’s latest Cordell Construction Cost Index (CCCI) recording a growth rate of 0.9% over the past year.
CoreLogic chief property economist Kelvin Davidson said it was the second-lowest annual increase since the index began in 2012 and a significant shift after the double-digit growth seen during the covid-era construction boom.
The CCCI’s peak annual growth rate was 10.4% in Q4 2022, and the long-term average is 4.2%.
“After several years of intense upward pressure, construction costs have now settled into a much slower rate of growth,” Mr Davidson said.
