tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, July 14th, 12:12PM

News

rss
Latest Headlines

No relief in demand pressures

Another month, another record: migration levels just keep going up, with new data showing December’s inflow smashing the previous record – which keeps housing demand pressure on.

Tuesday, January 31st 2017, 2:33PM

by Miriam Bell

Annual net migration hit a new high of 70,588 in the year to end of December 2016, according to the latest Statistics New Zealand data.

This was a noticeable increase on November’s record of 70,400 and reflects the trend of a growing number of people arriving while fewer people are leaving.

The seasonally adjusted monthly net gain of migrants dropped slightly to 6,010 in December, from 6,190 in November.

However, the monthly net gain remains strong with December the fourth consecutive month where the monthly gain has been above 6,000.

Record migration is a significant contributor to New Zealand’s, and particularly Auckland’s, strong population growth.

This factor is feeding into Auckland’s major housing supply shortage and upping pressure on the demand side.

Six months ago, commentators thought the migration flow had passed its peak and that slowing migration might start to ease the pressure on Auckland’s housing market.

But today’s data stands in sharp contrast to that view.

ASB economist Daniel Snowden said the data showed there is no sign yet of a slowdown in those wanting to come to New Zealand.

Departures did move a touch higher from November, but did not break any records, he said.

“Looking further out, we expect annual departures to slowly increase, as some of the students who arrived over the last few years conclude their studies and return home.”

However, the composition of arrivals is changing, with those on work visas making up for a drop in the number of students arriving in the last few months, Snowden said.

“Declining student numbers could keep some downward pressure on departures numbers in subsequent years, as less students coming in means less students eventually leaving. 

“In addition, those on work visas are less likely than students to return home over the next few years.

“That could add to downward pressure on the departures number, limiting the pace at which net migration could slow.”

Westpac senior economist Satish Ranchhod agreed that the arrivals is mainly due to more people coming on work or residency visa, which has offset a decline in the number of international students.

He said the record levels of net migration continue to reflect two key trends.

One is strong levels of new arrivals from Asia and Europe, particularly China and the UK. The other is the steady rise in the number of New Zealanders returning from overseas.

“These trends are expected to continue to some time, with New Zealand’s positive economic story, including its labour market, making it a very attractive destination.

“We expect net migration inflows to remain strong for some time.”

 

« Demand for planning changeHoliday investments »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • [The Wrap] Dealer group land like a game of Risk
    “Excellent. I've said for a long time that Dealer Groups were a necessary evil. Especially to the new entrant into the...”
    1 day ago by BayBroker
  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    4 days ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    4 days ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    4 days ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    4 days ago by Matron
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com