Migration Pushes Prices

Migration boom could defeat home-loan restrictions


Even more heat could go into the hot housing market, with annual net migration tipped to climb towards 20,000 a year soon, reaching 24,000 by the mid-2014.
In the year to July 10, 600 more people arrived in New Zealand than left, according to Statistics NZ figures out yesterday.
That is about the long-run average for net migration, which economists said the building industry could typically cope with, without house prices rising much more than 5 per cent a year.
But in the early 2000s boom, annual net migration peaked at about 40,000 a year, and house prices rocketed more than 20 per cent a year.

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