Property Firms Welcome Earthquake-Prone Building Reforms

New Zealand’s listed property companies, including Precinct Properties New Zealand Limited (NZX: PCT) and Kiwi Property Group Limited (NZX: KPG), have welcomed the Government’s proposed reforms to earthquake-prone building (EPB) standards, though they caution that cost savings will differ across projects. Building and Construction Minister Chris Penk introduced the bill in late September, aiming to streamline the EPB system and potentially save New Zealanders up to $8.2 billion in remediation and demolition costs.

Key changes include scrapping the New Building Standards (NBS) rating system, excluding Auckland from the EPB regime, and granting councils more flexibility in identifying at-risk structures.

Property firms believe the reforms will reduce compliance burdens and bring clarity for developers, but they stress that the actual savings will depend on individual building conditions and council interpretations.

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