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Weekly report – Building Costs

By on July 9, 2018

Welcome to this week’s property report.

I’m writing this from Queenstown today as most of our team are attending our annual Ray White Conference. It is always worthwhile to get a good perspective on different regions trends and what approaches they have to match the market. Wanaka is very much a resort town and now has the second highest median home value behind Auckland. We still find that 30-40% of homes we sell are purely for holiday homes, which has been interesting I have been talking to several builders this week as I have been researching new build costs. A number of those builders were planning spec builds, with the finished home providing a simple hassle free lockup and leave offering.
Speaking with six builders, I wanted to get a solid understanding of the realistic figures involved when considering a new build in Wanaka. With listings somewhat scarce right right now, the option to build something specific to your needs becomes more appealing. If you are considering land please let me know.
I asked the builders to give me 3 price points:
Entry Level (which we compared to a Suzuki swift – nothing flashy and spec’d accordingly)
Mid Level (which we compared to a Toyota – a really solid home with some nice touches, without being over the top)
High Level (which we compared to an Audi – build quality almost identical to the Mid Level but the level of fit out is the difference, higher quality fixture and fittings)
It is a bit of a crude scale and obviously every build needs to be quoted based on a specific brief, however hopefully this is a useful guide to compare pricing options.  I have used an average price point from the six builders, all of which I will be interviewing over the next few months. See my earlier interview with Richie Hawkins to get an idea of the information you can get access too.
The pricing is as follows:
Entry Level – $2600 per square meter
Medium Level – $3300 per square meter
High Level – $4000 + per square meter
All prices are GST inclusive. I’m happy to answer any questions on this, and please feel free use me as a resource – my wife and I are about to start our new build so these numbers are very relevant to us.
Almost all of the builders noted, that at whatever level you are wanting to achieve, invest your money wisely in heating and insulation.  This is imperative as our town definitely experiences all four seasons, with varying degrees of warmth and cold.
I hope that helps give you something to think about, especially if you are considering a build.  This week we have an Auction for 12 Long Grass Place Lake Hawea, a great entertaining home on a full acre, lots to like about this property.
Have a safe and happy weekend and if you’re heading up the Mountain, enjoy!
Best regards,

Mitch

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MITCH CAMPBELL

mitch campbell

Welcome to my property hub, a place designed to showcase the very best of premium property in Central Otago and provide you with everything you need to ensure that your journey of buying or selling in this beautiful region is as smooth as possible.

I wanted to create a platform to share insights and knowledge on everything property-based from the Wanaka region, but also feature outstanding design products, interviews with industry locals, interesting architectural work and new trends to help inspire you with your own plans.

If you're looking at either buying or selling in the Wanaka region, please get in touch and let me help you achieve those goals.

Email mitch.campbell@raywhite.com
Phone number: 021 2424 280