Migration turns positive: Westpac

“In particular, net departures to Australia are coming off the boil, with the net loss to Australia at its lowest since February 2011.”

That is likely to put further pressure on house prices in New Zealand, where a lack of supply is being blamed for market momentum in Auckland in particular.

Economist Nathan Penny said emigration to Australia had been high over most of 2012.

“But with unemployment rising across the Tasman, the gloss is starting to come off the Australian labour market. With further rises in unemployment expected in Australia, along with accelerating construction-driven growth in New Zealand, we expect further improvement in net migration trends over 2013.”