Epsom Weekly - 14/06/2024

4 June 2024

QV says building costs are flattening out

Residential building cost inflation dropped to 1.8% in 12 months to May this year from 4.9% in the 12 months to December 2023

Cost pressures in the building industry are continuing to ease, according to the latest figures from QV's CostBuilder database.

CostBuilder follows pricing trends for more than 60,000 separate building industry costs. It found the average cost of building a three bedroom home in the main centres increased 1.8% in the 12 months to the end of May, down from 4.9% in calendar year 2023, and 9.5% in the 12 months to June 2023.

The figures suggest price increases are likely slowing even further with costs increasing by just 0.3% over the three months to the end of May.

"The rate of building cost inflation is certainly on the wane," QV CostBuilder spokesman and quantity surveyor Martin Bisset said.

"This will be welcome news to all those who are currently contemplating or pricing up new building projects."

The biggest price increase over the three months to May related to exterior walls/finishes which increased by an average 0.8%.

Heading in the opposite direction were framing costs which declined by 0.7% over the same period due to a reduction in the price of structural steel.

Site preparation costs were down 1.6% overall.

Cost inflation for non-residential buildings is also slowing, with an average increase of 0.9% over the 12 months to the end of May this year, down from 4.7% in the 12 months to December 2023.

"Significant economic headwinds continue to blow, which has drastically reduced activity across the wider construction sector," Bisset said.

"For consumers, the upside of that is there are fewer capacity constraints and therefore less upward pressure on pricing.

"Contractors are having to put their best price forward in order to win work," he said.

Information source: https://www.interest.co.nz/property/128171/residential-building-cost-inflationdropped-18-12-months-may-year-49-12-months

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Selling Your Home in Winter: Tips for Success

Selling a property in winter can seem challenging, but with the right approach, it can be a highly successful venture. Here are some expert tips to ensure your home stands out in the Auckland market this winter.

1. Enhance Curb Appeal

Winter may strip trees of their leaves, but that doesn’t mean your property has to look dreary. Make sure your lawn is well-maintained, and consider adding some winterhardy plants to your garden. A clean, well-lit path and a fresh coat of paint on the front door can make a big difference.

2. Keep It Warm and Cozy

A warm, inviting home is especially appealing in the colder months. Ensure your heating system is working efficiently and consider lighting a fire in the fireplace if you have one. Use warm lighting and plush furnishings to create a cozy atmosphere.

3. Brighten Up Your Home

Winter days can be gloomy, so make the most of natural light. Open curtains and blinds to let in as much daylight as possible. Additionally, use bright, warm-toned lighting fixtures to enhance the light in darker areas of your home.

4.

Highlight Winter-Friendly Features

If your home has features that are particularly useful in winter, such as underfloor heating or double-glazed windows, be sure to highlight them. These features can be significant selling points for buyers looking for comfort during the colder months.

5. Stage for the Season

Consider staging your home with winter in mind. Use seasonal décor like warm throws, candles, and rugs to make your home feel inviting. A tastefully decorated home can evoke a sense of comfort and style that resonates with buyers.

6. Professional Photography

High-quality, professional photos are crucial, especially in winter when natural light can be limited. A good photographer will know how to showcase your home in the best possible light, making it look bright and appealing even on the dullest day.

7. Flexibility with Showings

Winter weather can be unpredictable, so be flexible with showing times. Accommodate potential buyers by being open to evening or weekend viewings when they might have more availability.

Conclusion

Selling your property in Auckland during winter doesn't have to be difficult. By following these tips, you can create a warm, welcoming environment that appeals to buyers, ensuring a successful sale even in the colder months. Remember, winter is the perfect time to list with us—let's turn the seasonal chill into a hot deal!

Information Source: https://www.interest.co.nz/borrowing

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