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01-02-2013

Fewer Kiwis leaving the country

Landlords.co.nz

Migration is slowing, which is likely to put further pressure on house prices.

New Zealand had seasonally adjusted net migration of zero in December 2012.

The seasonally adjusted net loss to Australia was ,300 in December 2012, the same as the average net outflow to Australia per month since March 2011.

In the December 2012 year, New Zealand had a net loss of 1200 migrants, well down from the peak of 4100 lost in the February and August 2012 years.

The net loss of migrants to Australia in the December 2012 year was 38,800, down from the record of 40,000 in the August 2012 year.

The December 2012 annual figure resulted from 53,700 departures to Australia, offset by 14,900 arrivals. In both directions, most migrants were New Zealand citizens.

There were net gains of migrants from most other countries, led by the United Kingdom (5700), China (5200), and India (5100).

BNZ chief economist Tony Alexander has previously been outspoken about the dramatic effect that a turnaround in migration would have on house prices. He said it was notable that the current housing affordability crisis was happening despite a net outflow of migrants.

Source: Landlords.co.nz

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