Growth rates for the country's construction costs are the lowest in almost eight years. 

The quarterly Cordell Construction Cost Index is a division of CoreLogic. 

The latest results report an annual growth of 2.3%, down from the 10.4% peak recorded in Q4 2022.  

Chief property economist Kelvin Davidson says although there's still pressure on the sector, the normalised supply chains make pricing easier. 

He told Mike Hosking that it’s not necessarily getting cheaper, the rate of growth is just slowing so those hoping new builds will get cheaper might be slightly disappointed. 

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