Migration turns positive: Westpac
Friday 21 December 2012
Net migration as positive for the third month in a row in November, and Westpac says an upward trend appears to be establishing.
By The Landlord
“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.”
Comments from our readers
No comments yet
Sign In / Register to add your comment
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.