How much does a new home cost in 2022?

by Genius Homes

Houses have shot up in value dramatically over recent years and continue to show no sign of slowing down. In fact, according to Canstar, in 2020 the national average price to build a new home was $368,667 and increased to an average price of $381,404 in 2021. So how much does a new home cost to build in 2022?

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. The 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 which are covered in this article.

Depending on whether you're looking to upscale your lifestyle or downsize into something more manageable, building a new home can often end up being more expensive than originally 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 have otherwise thought. To help you uncover some of the hidden costs of building a new home, we break down the variable costs, highlighting which costs 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 2021 looked like. According to stats from Canstar, the nationwide average price to build a new home was $381,404 with the cost-per-square-meter averaging at $2,463. 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 $461,916 ($2,766 per m2)
    • Nelson $402,834 ($2,440 per m2)
    • Tasman $416,237 ($2,405 per m2)
    • Canterbury $342,635 ($2,174 per m2)
    • Southland $407,581 ($2,290 per m2)
    • West Coast $333,297 ($2,243 per m2)

* Averages costs are estimates based on building consent applications and excludes fees and land prices. This data was taken from November 2021.

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: 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 $205,700* through to $259,300*. In addition to these costs, there are several optional premium upgrades, outlined later in this article. 

So what do you get in a $205,700* price bracket? The Oxford 2 home is a modern and compact design and sits at 69sqm. It comes fully equipped and ready to live in, unlike many new builds which 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 home - Oxford 2. 2 bedroom home - Pukaki 2Left to right: Oxford 2 - 2 bedroom prefab home & Pukaki 2 - 2 bedroom prefab home

At the other end of the scale, and starting from $259,300* 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, turn into a craft room, or as a nursery.

Learn more about the Pukaki 2 here › 

How much does it 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 proportion of designs in our range are three-bedroom homes varying from $228,000* to $435,550*. The versatility of this configuration, and price point, make them highly attractive to families, executive couples, and those looking to downsize while still maintaining space for guests.

Located toward 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 - ample storage space which is a must for 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 are all open plan and the overall scale of the house sits at 90.9sqm.

Learn more about the Villa 3 here ›

3 bedroom home - Villa 3  3 bedroom home - BenmoreLeft 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 150sqm and is available from $435,550*. This executive design is the ultimate entertainer’s home as the sleeping and living quarters are separated effortlessly with a hallway and beautifully sized 66.4sqm 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 cost to build a 4-bedroom home?

Starting off at $309,900* the Genius Homes range of four-bedroom homes offers functional space, practicality, and room for growth. At the top end of the scale, $415,000* 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 $309,900* 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 - Mackenzie  4 bedroom home - Kingston 3 Left to right: Mackenzie - 4 bedroom prefab home & Kingston - 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 Kingston 3 bedroom home features a self-contained 1 bedroom annexe, perfect as a short or long-term rental. This design is 120sqm in size and starts from $389,000*.

Learn more about the Kingston here ›

At Genius Homes, we have a prefab house design for everyone. For a home with a style and size that wows, the Nova is perfect for entertainers and families alike. Starting from $459,900 it boasts 4 double bedrooms, one with its own ensuite and all with ample storage, a luxury master (with ensuite and walk-in wardrobe) at a secluded end of the house, and expansive open plan living with an additional living room and all encompassed in a generous 195.9sqm of space.   

5 bedroom home - Nova 5  Staff Accommodation Left to right: Nova - 5 bedroom prefab home & Staff Quarters - 2 separate 1 bedroom self-contained units.

Genius Homes also offer alternative living solutions such as staff quarters that start from $205,700 and accommodation units that range from $116,350 to $476,00 spanning small self-contained 1 bedroom units to larger 8 bedroom accommodation options perfect for staff accommodation or holiday homes.

*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's 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.

Learn more about common house plan upgrades here ›

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. With a factory-built prefab, the build process isn’t affected by factors such as weather which can commonly cause delays in timelines as well as the potential for damage to materials or unexpected complications. 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). Genius Homes is proud to offer fixed-price contracts which give you the peace of mind that the price you agree to is the price you’ll pay. With the cost of building materials on a dramatic rise, building a home can result in many unexpected costs and variables popping up throughout the process. When a fixed-price contract with Genius Homes is signed and the production slot is confirmed, the price is locked in meaning no surprises down the track. You’ll know exactly what you’ll need to pay and when making mortgage planning a breeze and your budget concerns stress-free.

For more details regarding the cost of a new home, how to save money when building a home, 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, we'd love to chat!

2021 Genius Homes Brochure download now

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