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Another migration-fuelled housing boom had seemed like it might be a story for three-to-five years time, but the speed of the comeback of large-scale inbound migration means we need to be thinking hard about the issue right now
ANZ slightly more optimistic on the house price front, thinks they will bottom out in June
The Reserve Bank of New Zealand's chief economist Paul Conway said the tide may well have turned against housing being a one-way bet for a generation
“It’s an unusual window of opportunity and it means we are now making inroads on the supply front, but the borders won’t be closed forever. “If previous immigration policies are restored once the border opens, then demand is likely to take off again,” she said. “It’s very unlikely that the construction sector, which is already facing capacity constraints, will be able to keep up, eroding any progress we’ve made in addressing the shortage.” While the Government had recently announced changes to immigration policy which meant fewer unskilled migrants would be accepted into...
“This reached a climax at the end of 2020, with double-digit percentage increases every month since September.” The data also showed that demand nationwide was up by 15 per cent year-on-year in December, while supply was down by 9 per cent. Mudge said this told the same story they have seen for the last 12 months: “Demand is up and supply is down and as long as this picture remains prices will continue to skyrocket.” 123RF Gisborne saw the biggest growth in house prices in 2020, with a 31.6 per cent annual increase. However, while every region saw strong year-on-year price growth...