The price gap between new builds and existing properties is starting to narrow
The price gap between new builds and existing properties is starting to narrow
28 March 2024
New builds tend to carry a price premium - generally due to being newer, of higher quality and requiring less maintenance than existing properties.
The premium fluctuates over time - but current CoreLogic estimates place it at six percent.
Chief Property Economist Kelvin Davidson says it's likely there'll always be a premium, but environmental conditions can influence it.
He says factors like interest deductibility, more listing stock and slowing construction will shrink the price gap a little bit.
© 2024 Newstalk ZB, NZCity
