The cost to build a home appears to be on an upwards trajectory, but less so than in recent years

The Cordell Construction Cost Index shows the cost to build a single-storey brick and tile home, increased 0.4-percent in the three months to September.

That's below the long-term quarterly average of 1-percent.

Cotality Chief Property Economist Kelvin Davidson says underlying activity remains confidence - with some room for change next year.

He says the industry looks like it will pick up - but is limited by business confidence.