Migration boom heats housing market
JAMES WEIR 23/11/2013
Migration is booming and set to get even stronger next year, with net arrivals for October back to levels last seen a decade ago, adding more heat to the hot housing market.
As fewer people left for Australia and more people arrived in New Zealand from other countries, the net migration gain in October was 3000, a figure last seen in the middle of 2003, Statistics NZ said.
And some economists are tipping annual net migration to peak at more than 30,000 next year, from 17,500 in the October year.
That would take net migration back towards the peaks seen early last decade, which fuelled the price boom when house price rises topped more than 20 per cent a year nationally, twice as fast as present increases.
New Zealand records its highest net monthly migration gain in over 10 years, according to Statistics New Zealand
November 22, 2013 ,
New Zealand had its biggest monthly net inflow of migrants for 10 years in October, according to Statistics New Zealand.
During the month the country recorded a seasonally adjusted net gain (more arrivals than departures) of 3000 migrants.
The last time net migration was this high was over 10 years ago, in June 2003 (also 3000).
The net gain has increased in recent months due to fewer people departing to live in Australia, as well as more arriving migrants.
After a small seasonally-adjusted net loss of migrants in December last year, every month subsequently has recorded a net inflow. In all but one month this year, the seasonally-adjusted gain has been higher than the previous month, with the latest month’s gain obviously being the biggest yet.
If the average seasonally-adjusted net gains over the past three months are annualised, this gives a current rate of inbound migration of a touch under 32,000 a year, which is heading toward historic high levels.