The price gap between new builds and existing properties is starting to narrow

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.