How much does a new home cost in 2021?

by Genius Homes

Houses have shot up in price dramatically over the past 5 years. In fact, according to Canstar in 2016 the national average price to build a new home was $346,000, as opposed to the beginning of 2020 which has seen the average price increase to $428,791. Building your dream home can be one of the biggest purchases made in a lifetime. So how much does it cost to build new prefab homes in 2021? As builders of new homes we understand that all new home builders have the same first priority; to determine a budget. Before deciding on the home's functionality and non-negotiable must-haves an estimate needs to be evaluated. Budget may dictate the number of bedrooms, the size of the house in comparison to the section as well as amenities such as the specification of the bathrooms and kitchens. Matching a budget to the desired plan is a fine balancing act with many variables. Some of these we will cover in this article.

Depending on whether you're looking to upscale your lifestyle or downsize into something more manageable, building a new home can end up being more expensive than planned, especially if you’re wanting a few luxury upgrades. At the other end of the scale downsizing to a standard specification home can end up being a more affordable option than you may think. To help you uncover some of the hidden costs of building a new home, we’re going to break down the variable costs and highlight those that can be tamed and which are pretty much unavoidable.

First off we want to break down what the average price of building a home in the South Island of New Zealand in 2020 looked like. According to stats from Canstar, nationwide the average price to build a new home was $428,791. But if we look at the breakdown from region to region the numbers show quite a lot of variance from one location to another:

Region Average Price*

  • Otago $547,672
  • Nelson $439,366
  • Tasman $410,033
  • Canterbury $392,801
  • Southland $372,835
  • West Coast $310,962

* Averages costs are estimates based on building consent applications and excludes fees and land prices. This data was taken from January - July 2020.

From here we break down the lowest and highest cost brackets of building a 2 bedroom, 3 bedroom and 4 bedroom prefabricated home with Genius Homes as well as outline the different costs between standard and premium finishes (something that can hike the price up dramatically). But first, what is actually included in a new home build?

It’s always important when comparing quotes to look at what’s included in your price. Here’s a list of things generally included in quotes:

  • Architect and design fees
  • Shelving to cupboards and wardrobes
  • Interior Doors
  • Door Hardware
  • Gib stopping
  • Painting
  • Kitchen
  • Appliances such as: oven, cooktop, rangehood
  • Showers
  • Bath
  • Vanities
  • Toilets
  • Tapware
  • Hot Water Cylinder or Infinity
  • Floor coverings
  • Lighting 

Things that typically are not included are extras like decks, landscaping, curtains, driveways and more. Check with each of your shortlisted home builders to see what they will include and what’s omitted.

How much does it cost to build a two-bedroom home?

At Genius Homes a standard two-bedroom home will range from $176,000* through to $220,000*. In addition to these costs, there are several optional premium upgrades, which we outline a little later in this article. 

So what do you get in a $176,000* price bracket? The Oxford 2 design is a modern and compact design and sits at 67.2sqm. This is because it comes fully equipped and ready to live in while many new builds do not include the same level of features this plan includes. It is packed with all the practical features that come with a new home build such as an open plan kitchen (with cooker), dining and living room, two double sized bedrooms both with built-in wardrobes, a family-sized bathroom with a bathtub and separate toilet as well as a laundry.

Learn more about the Oxford 2 here ›

2 bedroom prefab home the Oxford. How much does a 2 bedroom home costLeft to right: Oxford 2 - 2 bedroom prefab home & Pukaki 2 - 2 bedroom prefab home

At the other end of the scale, and starting from $220,000* is the Pukaki 2 design. This home offers a more modern look and feel as well as a larger floorplan, sitting at 93sqm. The Pukaki 2 not only offers two double sized bedrooms with walk-in-wardrobes it also houses a study, perfect as a place to work from home, take care of bills or as a nursery. 

Learn more about the Pukaki 2 here › 

How much does it typically cost to build a three-bedroom home?

Three-bedroom homes are one of the most common builds across New Zealand and the Genius Homes factory is no exception. For that reason, you will notice that a large number of the range is three-bedroom homes which range from $210,000* to $410,000*. The versatility of this configuration, and price point, make them highly attractive to families, executive couples and those looking to downsize while maintaining space for guests.

Located at the lower end of the scale is the Villa 3 design. This traditional and elegant home includes three double-sized bathrooms all with built-in wardrobes, a perfect storage space which is a must with all family homes. The main bathroom includes a shower and toilet as well as an additional separate toilet off the hallway. The kitchen, living and dining room is all open plan and the overall scale of the house sits at 90.9sqm. 

Learn more about the Villa 3 here ›

How much does a 3 bedroom home cost  How much does a 3 bedroom home costLeft to right: Villa 3 - 3 bedroom prefab home & Benmore - 3 bedroom prefab home

The Benmore, which is one of Genius Homes’ most popular designs sits at 148sqm and is available from $349,000*. This executive design is the ultimate entertainer’s home as the sleeping and living quarters are separated effortlessly with a hallway and large deck. 

One of the key features of this home is the massive open plan living, dining and kitchen area as well as the master bedroom, which includes its own ensuite and walk-in-wardrobe. 

Learn more about the Benmore here ›

How much does it roughly cost to build a 4-bedroom home?

Starting off at $235,000* the Genius Homes range of four-bedroom homes offer functional space, practicality and room for growth. At the top end of the scale, $362,000* can provide a house design with all the bells and whistles! 

The Mackenzie is one of the more modest four-bedroom home designs. Priced from only $235,000* and sitting at 115.2sqm. All four bedrooms have built-in wardrobes and are arranged in a 3 double bedroom and single bedroom configuration. The latter could act as the perfect at-home office, hobby room or nursery. The master bedroom has an ensuite and sliding door access out onto the deck.

Learn more about the Mackenzie here ›

4-bedroom home price to build  4 bedroom home price to buildLeft to right: Makenzie - 4 bedroom prefab home & Aviemore - 3 bedroom prefab home + 1 bedroom self-contained unit.

With house prices increasing year on year, many potential homeowners are looking for alternative ways to help cover the mortgage or even provide a supplementary income. Having a self-contained unit on the property is one way to help bring in additional cash flow while keeping the property close enough to manage with ease. The Aviemore 3 bedroom home contains an additional bedroom annex, perfect as a short or long-term rental. This design is 143sqm in size and starts from $362,000*. 

Learn more about the Aviemore here ›

*Please note all prices are indicative and are subject to individual requirements and delivery conditionsPrices exclude delivery, foundations and site works.

Premium Upgrades

Other things that can impact the cost to build are your own personal design and feature choices. Take the kitchen as a prime example, at Genius Homes the standard kitchen is already factored into the price of the new home build. However, this is the first place where new home builders like to spend a little more money. From upgrading countertops to up-speccing appliances, the sky is the limit when it comes to a kitchen budget. 

Floor coverings are another significant variable cost. There is a vast difference between the various floor coverings that can be used when building and costing a house. Even with carpets, you’ll see a big difference between the different grades of carpet available.

The great news is that unlike many building companies, Genius Homes guarantees no surprises when it comes to the final cost of your new home. The price quoted at the start of the building process will not differ over the course of the project (unless you make changes along the way). How is this possible? This is because the homes are built in a factory which isn’t affected by weather conditions, which can commonly cause delays in building timelines as well as the potential for damage to materials.

For more details regarding the new home cost, or whether it's better to build or buy a new home, check out our other recent blogs.  Alternatively, if you’re looking to build your new home this year then talk to our friendly team about your budget and project. 

Contact us today to discuss your genius homes dream home

filed under Building Options

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