The market is still getting busy as reported in the latest media release from NZ Statistics
"Building activity growth continues – Media release
4 June 2015
Building activity was worth almost $3.9 billion in the March 2015 quarter, up nearly 10 percent on the March 2014 quarter, Statistics New Zealand said today.
"Overall, the value of both residential and non-residential building work increased," business indicators manager Neil Kelly said. "Residential building work increased mainly in Auckland and Canterbury, but non-residential building work chiefly increased in the South Island."
Lift in residential building activity volume
After removing price changes and seasonal variations, the volume of residential building activity increased 2.6 percent in the March 2015 quarter.
The trend for residential building activity has grown by two-thirds since the low point in the September 2011 quarter. However the current level is 6.7 percent lower than the series peak more than 10 years ago in the June 2004 quarter.
The volume of all building activity rose by 1.0 percent, including a 1.2 percent fall in non-residential work."
(Report NZHerald by Lane Nichols - see link for full article dated 30/9/14)
"Nearly one in three Kiwi homes could be under-insured, putting thousands of homeowners at financial risk should their single biggest asset be destroyed.
Based on international comparisons, the NZ Bankers' Association says up to 30 per cent of New Zealand homes are likely to lack sufficient cover should they need to be rebuilt after a "catastrophic event".
Industry experts say the figure could be as high as 85 per cent, with many high-spec properties and Auckland character homes facing a potential shortfall of hundreds of thousands of dollars. ..... "
Should you have any queries or require further information on how to obtain a rebuild estimate for insurance purposes please CONTACT US and we will be happy to assist.
(reproduced from NZIQS Press Release 2 October 2014)
The New Zealand Institute of Quantity Surveyors says there is no excuse for homeowners to receive property insurance valuations that vary widely.
Registered quantity surveyor and president of the New Zealand Institute of Quantity Surveyors, Julian Mace, says the Institute has adopted a standardised approach to providing property insurance valuations and ensuring they are accurate.
“We developed this in conjunction with the insurance industry specifically to ensure homeowners got accurate data and could rely on the insurance valuations provided by registered quantity surveyors,” he said.
Mr Mace said the variations in many insurance valuations could be attributable to the people providing them not being skilled quantity surveyors whose speciality, training and qualifications are in construction measurement and assessing building costs.
“A valuer is often giving you a market valuation, whereas a quantity surveyor looks at the actual cost of rebuilding and replacing all the external items such as pathways and fences on a property.
“A market valuation and a build cost are two very different things.”
Mr Mace said the difference is even more pronounced when comparing an architecturally designed house with one built by a group housing franchise. He said a second factor in the wildly varying insurance valuations is the allowance made for ‘escalation’.
“That’s a complicated issue which requires a detailed knowledge and understanding of what drives building costs and how those costs might change over the period of the insurance or, more importantly, in the often lengthy period before a rebuild can take place.
“That wait can sometimes be two or so years and building costs will change, sometimes dramatically in that time, as new technologies are implemented or new building materials and standards take effect. “To be safe, homeowners should have their insurance valuation reviewed every year to allow for escalation, and re-done completely if they have renovated.”
Mr Mace said homeowners seeking insurance valuations can have confidence that a registered quantity surveyor who is a member of the New Zealand Institute Quantity Surveyors has a strict code of ethics and quality assurance criteria by which they must abide." [end of release]
Should you have any queries or require further information on how to obtain a rebuild estimate for insurance purposes please contact us and we will be happy to assist.
One News TV report on home insurance rebuild cost estimates differences
Saturday, 9 August 2014
NZIQS Media release on home insurance rebuild cost estimates by Quantity Surveyors
Tuesday, 27 August 2013, 10:57 am
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