New Zealand immigration boosts property market
May 21 2009 by Bryan Palmer
Deutsche Bank economist, Darren Gibbs
An increase in immigration in April 2009 has helped to boost the New Zealand property market according to experts.
The number of immigrants who relocate to New Zealand either permanently or for the long-term exceeded the number leaving the country by 400 April. This has increased the annual net migration balance to a gain of 9,200 people, up from 4,700 the year before.
In addition to the number of people moving to New Zealand, more New Zealanders are returning to the country as they feel it is a good option in the current economic climate, with a strong job market and a solid economy.
Deutsche Bank economist, Darren Gibbs, says, in light ¨of the deep recession and job losses being experienced in most key trading partners, we continue to think that New Zealand will experience sustained and strong net migrant inflows over the next three years."
He adds that New Zealand immigration will help to boost the housing market, "if history is any guide, strengthening migrant inflows will play an important role in reinforcing what many will view as a surprisingly strong recovery in housing activity."
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