Builders and developers in the Hibiscus Coast can breathe a sigh of relief as the latest data shows that building costs have stabilised.

According to the August QV CostBuilder update, the cost to build a home has seen only minor fluctuations, offering more certainty for those planning construction projects.

The update applied around 12,700 of the latest material and labour prices to a comprehensive database of over 60,000 rates across major New Zealand cities, including Auckland and Wellington.

This quarter, the average building cost per square metre for residential buildings increased by just 0.3%.

This is consistent with the rate of increase reported in the February and May updates, signalling a period of stability after years of volatility since the onset of the Covid-19 pandemic.

Simon Petersen, spokesperson for QV CostBuilder, described the findings as encouraging for those in the construction industry.

"This is good news for anyone looking to build right now, as it will give them more confidence that the estimated cost of a project will indeed be in the same ballpark," Petersen stated.

The report also noted a modest increase in the average building cost per square metre for non-residential buildings, which went up by 0.2% this quarter.

This is a slight reduction from the previous quarterly growth rates of 0.3% in February and 0.4% in May.

Despite these stable figures, Petersen warned of ongoing economic and geo-political uncertainties that could impact future construction costs.

"There is still an abundance of economic and geo-political uncertainty that has the potential to impact construction costs moving forward," he said.

Factors such as potential escalations in conflicts in the Middle East and Ukraine could disrupt global supply chains.

The report highlighted that the most significant price increase since May was in the cost of interior doors, which rose by 0.9% due to higher hardware rates.

Sanitary plumbing costs also climbed by 0.5%, driven by a rise in copper pipework prices.

Meanwhile, trade rates saw an average increase of 0.2%, with hardware and demolition costs up by 2.9% and 1.4% respectively.

On the flip side, the cost of steel framing decreased by 5.7%, and suspended ceiling costs dropped by 4.5%, largely due to reductions in framing and panel rates.

QV CostBuilder, a subscription-based platform by state-owned enterprise Quotable Value (QV), continues to be a vital resource for tracking building costs.

The platform now offers quarterly updates in February, May, August, and November, with additional monthly updates.