Migration turnaround likely to boost prices

Friday 22 March 2013

New Zealand gained more new residents than it lost last month, new data shows - and it's likely to provide more fuel for the housing market.

By The Landlord

Fewer Kiwis left for Australia last month than in any month in the past two years.

That is likely to further bolster the strong housing market.

Just 3770 New Zealanders moved to Australia in February, compared to 4630 a year earlier.

And 1420 people moved back from Australia.

ASB economist Daniel Smith said departures would continue to fall as the Christchurch rebuild gathered momentum and the labour market improved.

Overall, New Zealand had a net gain of 550 migrants last month, carrying on a trend seen for six months.

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