Wellington maintains close ties to nature, and the people who live there typically love sports, the outdoors, and local produce. The sophisticated urban centre is also highly educated, with more than half of the population having some university education.
It’s clear to see that Wellington is a desirable place to settle down. However, New Zealand’s inflation rate and interest rate hikes have pushed median house prices down across the country, so what does it cost to build a house in Wellington, NZ, in 2022?
The cost to build a house in Wellington, NZ
House prices are trending downward across New Zealand, but not everywhere.
Wellington is following the pack when it comes to dropping property prices. According to a Reinz 2022 property report, median house prices in Wellington in November 2022 have dropped by more than 17% compared to the same period in 2021.
Rising interest rates and inflation may have also taken a toll on demand. There was 870 new home builds in Wellington in November last year, while just 606 were completed in November 2022.
As with most cities, the area you are building in can have a significant influence on the cost of a new home built in Wellington. The median price in the Carleton district was $710,000 in November, 21 versus $720,000 in November 2022. The median price for the Kapiti Coast District for November, 21 and November, 22 were $910,000 and $840,000 respectively, which represents a more significant drop.
The average prices for the Wellington region were $962,500 for November 2021, and $795,000 for November 2022.
According to Canstar, the per square meter cost in 2021 for Wellington was $2804. In 2022 that figure has risen to $3279, a 17% rise.
Controlling costs with a building cost estimator
According to Trent Simpkin of Arcline Architecture, the average cost per square metre for building homes around New Zealand is creeping towards the $3,500 mark and recommends budgeting to that figure as a minimum.
There are a lot of variables that will go into the final cost of a new home build in Wellington in 2022, but homebuyers can mitigate the uncertainty of Wellington NZ building cost estimates by partnering with a building cost estimator like Newin.
How to get the most value out of a new home build in New Zealand
With so much uncertainty in the building industry, and no sign of it improving any time soon, getting the most value out of a new home build will continue to be a challenge for home owners.
Construction cost estimators like Newin Building Estimating Services are a professional service with extensive experience in the building industry and associated trades. If you are looking to understand the latest building costs in Auckland, reduce your building construction costs and streamline your building project, a building cost estimator can help.