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Real Estate Under Pressure With Rising Migration in NZ

November 2013, 19
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New Zealand Immigration
The migrant policies in New Zealand have been amended and there is a healthy flow of migrants to NZ from students to corporates. The result is a pressurized housing sector in Christchurch and Auckland as the number of migrants keep rising day by day.
Immigration New Zealand figures recorded an adjusted net gain of over 2800 migrants in the month of September 2013, which is the highest since a decade. The number of Kiwis leaving the country to find settlement or opportunities elsewhere, especially Australia has considerably reduced with a strengthening Tasman economy. If the average annual net gain of 11,300 migrants recorded over the last twenty years is taken into account, this year, on an annual basis had a seasonally adjusted net gain of over 15,200 migrants.
Nick Tuffey, the Chief Economist of ASB Bank predicts the numbers to go well beyond 25,000 by 2014; this will also bring in the skills for the economical growth as well as a jump in the spending pattern. Tuffey also says that, the current overpricing in the housing sector is due to the huge demand which can't meet the supply, however, the heat is on to catch up with the existing demand and also to make room for more in the near future.
Christchurch re-build project is seeing many migrant workers to NZ, settling in Canterbury. 30% of the realty markets are covered by mortgage in Auckland. Stephen Wilton, an executive of Mortgage Minders said that the sudden increase in the mortgage activity since two years signifies the higher demand for housing industry, mainly from the migrations to NZ.
The recent Reserve Bank changes in New Zealand also raise a lot of questions with respect to the realty sector. The changes will mainly constrain people buying homes for the first time, but the migration figures clearly shows where the pressure is actually coming from. As long as the demand and supply is met, accommodating the newcomers won't add much pressure to this industry.
Squirrel, an executive with an Auckland based mortgage broker is convinced that the mortgage activity is soaring in the country with the current changes of Reserve Bank, where people with small deposits are restricted from seeking money.
Mr Balton who is the Managing Director said that his mortgage business has fallen from $30 million a month to $16 million since this restriction has come to effect.
However, this doesn't stop people who have dreamt of working in New Zealand and there is a steady flow of migrants to NZ from around the world, especially countries such as China and India. Immigration consultants to NZ won't be able to hit the bed early till the housing sector catches pace as well.

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