House prices in New Zealand are going nuts, and this chart perhaps offers an explanation why.
Total net permanent and long-term migration rose to 69,100 in unadjusted terms in the year to June, the largest total ever recorded dating back to when the data series from Statistics New Zealand (SNZ) first began in the late 1970s.
As SNZ noted in May this year, the enormous surge in migration is due to the twin factors of higher immigration from non-citizens along with a sharp decline in the number of citizens departing to live overseas.
“More Kiwis are coming back after living overseas and fewer are leaving than in recent years. These historically small net losses of New Zealand citizens combined with record net gains in non-New Zealand citizens have created our current record in migration,” it said.
The chart below, supplied by SNZ, splits the net annual migration figure down by non-citizens and citizens.