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ANZ has published a note explaining how New Zealand’s closed international border is rapidly solving the nation’s chronic housing shortage, which dramatically worsened over the past decade as immigration ran hot:
The closed border means the New Zealand housing market is in the rare position of being able to build enough houses to keep up with new demand…
For many, this [shortage] has eroded the Kiwi dream of home ownership, with the homeownership rate slipping from a peak of 73.8% in 1991 to 64.5% in 2018…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.