Immigration doesn't affect property prices
There is little evidence that new immigrants drive up local house prices, according to a new research report released by the Department of Labour.
Thursday, June 12th 2008, 3:24PM
by The Landlord
Minister Clayton Cosgrove says the report, Housing Markets and Migration: Evidence from New Zealand, which gathered information over a period from 1986 to 2006, makes it clear that although a small link between population growth and local house prices was found, the main driver was not new immigrants.The report did however find an association between New Zealanders returning home and local house price increases during the period studied.
The report was one of two released by the Department of Labour which investigated the links between housing and migration. The other report, The Economic Impact of Immigration on Housing in New Zealand 1991-2016 looks at links between immigration and housing demand and supply, giving special attention to trends in Auckland.
Housing Minister Maryan Street said this report showed, for example, that whether people rented or owned a home depended far more on if they were single or in a relationship than on which country they were born in.
The report also predicts that demand for new dwellings is not expected to exceed supply, though in Auckland particularly there may need to be a shift in the type of new dwellings being built because of growing demand for flats and apartments.
| « Will Ha have the last laugh? | Free Investment Property Showcase Events: Auckland, Wellington and Christchurch » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
