Migration defies forecasts

Increased housing market pressure likely as new migration data shows the inflow has surged to yet another record annual high.

influx of people
  • 24 March, 2016
  • RESIDENTIAL
  • Migration, Net gain, Migrants

Statistics New Zealand latest migration data is out and it shows New Zealand’s annual net gain of migrants hit 67,400 in the February 2016 year.

This is a jump from last month’s data which showed a net gain of 65,900 migrants in the January 2016 year.

Population statistics manager Jo-Anne Skinner said it was the 19th consecutive month to show a record annual net gain.

“Migrant arrivals reached a new high of 124,200 and departures fell very slightly to 56,900.”

The seasonally adjusted monthly figures showed there was a net gain of 6,100 migrants in February 2016.

This was unchanged on January’s monthly figure, but slightly higher than the average number of migrants per month over the last six months (5,900).

However, it was down on November 2015’s record net gain of 6,300 migrants.

Westpac chief economist Dominick Stephens said net migration has gone from strength to strength over the past few years.

It has consistently defied the most bullish of forecasts, he said.

“It now looks highly likely that annual net migration will surpass 70,000 by June, taking the population growth rate to a post-1974 high of 2.1%.”

The main drivers for the migration gains continue to be very low departures of New Zealanders, and very strong arrivals of non-New Zealanders - many of whom are on student visas, Stephens said.

For the full story visit  www.landlords.co.nz

LJ Hooker NZ

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