Building Costs HIGHEST LEVEL IN CAPITAL

Press, Volume CVI, Issue 31343, 13 April 1967, Page 1

Building Costs HIGHEST LEVEL IN CAPITAL

(N.Z. Pre** Association) TIMARU, April 12. Wellington is still the most expensive centre in New Zealand to build a house, according to a report presented by the statistical bureau of the New Zealand Institute of Valuers to the annual conference of the institute in Timaru today.

The bureau gave the following building costs for a “somewhat plain, five-roomed bungalow” in various centres: Wellington, £4000; Auckland and Whangarei, £3800; Gisborne, £3500; Rotorua, £3400; New Plymouth, £3375; Dunedin, Tauranga and Hamilton, £3350; Invercargill, £3330; Timaru, £3300; Christchurch and Greymouth, £3250; Blenheim, £3225; Napier and Hastings, £3200; Nelson, £3175; Wanganui and Ashburton, £3150; Palmerston North, £3lOO.

No Fall Expected “Building costs have shown no sign of falling—it is rather the reverse,” said the president of the institute (Mr D. G. Morrison), commenting on the figures. “The increased charges for electricity, the removal of subsidies and anticipated increases in other directions must find their way into the cost structure. "Unless there is a slacken-

ing in demand for new buildings because of a lack of finance and other causes, and a reduction in overtime it is hard to see much prospect of a fall in. building costs.”