The average cost of building a standard residential dwelling increased by just 1.2% in the 12 months to the end of August, according to QV's Costbuilder database.
Costbuilder tracks the prices of more than 60,000 building cost inputs, ranging from materials and labour to subcontracting charges.
Of those, 11,700 had price changes in the three months to August, with the updated prices used to calculate the average cost of building a standard three bedroom house.
This increased by just 0.2% in the three months to August this year, down from 0.3% in the three months to May.
In the 12 months to August construction costs increased 1.2%, down from 1.3% in the 12 months to May.
"Construction cost inflation has remained very subdued this quarter," QV Costbuilder quantity surveyor Martin Bisset said.
The most notable price movements in the quarter were for reinforcing steel rods, which posted increases of 30-40% depending on the type.
Other main contributors to cost changes were reinforcing mesh and insulation.
The slowdown in building cost inflation was not limited to residential construction, with average costs for non-residential buildings, excluding educational buildings, rising by just 0.2% in the three months to August and 1.0% in the 12 months to August.
"For now, cost growth remains in check, providing welcome stability after several turbulent years," Bisset said.
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