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Statistics New Zealand this week released migration data, which showed that only 13,066 net overseas migrants landed in New Zealand in the year to July. This was well below the decade average of 49,000 and more than 120,000 lower than the late 2023 peak.
The decline in net overseas migration has been driven by the exodus of New Zealand citizens, which hit a record high net outflow of 47,600.
The slump in immigration has helped to drive down housing costs—both purchase and rent—making housing more affordable.
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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.