End of brain drain ‘to hit house prices’
A big turnaround in the trans-Tasman brain drain is poised to put new pressure on house prices and has the Government scrambling to build new classrooms.
Experts are predicting that, by the end of the year, the number of Kiwis heading across the ditch will be outpaced by the number returning – which has not happened since 1993.
Bank of New Zealand economist Tony Alexander said yesterday he expected the crossover point to come this year. The main driver was fewer Kiwis leaving for Australia “because the allure of Australia has diminished quite a bit”.