Statistics New Zealand’s latest migration data showed that only 13,066 net overseas migrants landed in the country in the year to July 2025. This inflow was well below the decade average of 49,000 and more than 120,000 lower than the late 2023 peak.
The following chart from Justin Fabo from Antipodean Macro shows that the growth in New Zealand’s dwelling stock is significantly faster than population growth, “keeping downward pressure on rents and housing prices”.
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