New Zealand Economy

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Auckland house prices continue to fall

By Leith van Onselen The REINZ has released its house price data for March, which revealed a 2.2% seasonally adjusted monthly decline in the national median house price, although prices were up 1.9% year-on-year: Outside of Auckland, seasonally adjusted house prices rose by 0.1% in March, with prices up 5.9% year-on-year. Looking at the major

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NZ’s housing shortgage worsens despite immigration pullback

By Leith van Onselen Auckland’s chronic housing shortage continues to worsen, despite dwelling consents continuing to rise, according to Statistics New Zealand. There were 11,052 dwelling consents issued across Auckland in the year to February (up 10%), and 31,245 consents issued across New Zealand over the year (up 3.6%): Despite the pick-up, none of this

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RBNZ holds cash rate at 1.75%

By Leith van Onselen The Reserve Bank of New Zealand (RBNZ) has today left the official cash rate (OCR) unchanged at 1.75% and noted that economic growth is expected to strengthen and the labour market tighten, despite the housing market being restrained. It also indicates that rates will remain on hold for the foreseeable future

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Poverty and housing the key concerns of Kiwi voters

By Leith van Onselen With New Zealand’s Labour-led coalition Government nearly six months old, Roy Morgan has released new polling showing that poverty and housing are now the primary concerns of New Zealand voters: Quantified thematic analysis of the verbatim responses of a nationally representative sample of 999 New Zealanders found the economy and things

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Is Jacinda Ardern another housing affordability phony?

By Leith van Onselen In  the lead-up to last year’s September general election, I praised New Zealand Labour’s housing platform because it promised to address both supply and demand distortions via negative gearing reform, banning foreign buyers of existing homes, tighter capital gains taxes, removal of urban growth boundaries, plus bond financing for infrastructure. I

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NZ house prices bounced back in February

By Leith van Onselen The REINZ has released its house price data for February, which revealed a 0.8% seasonally adjusted monthly rise in the national median house price, with prices also up 7.1% year-on-year: Outside Auckland, seasonally adjusted house prices rose by 2.0% in February, with prices up 8.5% year-on-year. Looking at the major cities,

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Auckland’s immigration-driven housing shortage continues to worsen

By Leith van Onselen Statistics New Zealand on Friday released its dwelling consents data, which revealed that Auckland’s chronic housing shortage continues to worsen. There were 31,251 dwelling consents issued across New Zealand in the year to January 2018 and just 11,073 consents issued across Auckland: This is nowhere near enough to keep pace with

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RBNZ: Mass immigration drives epic Auckland housing shortage

By Leith van Onselen Last month, a government-commissioned ‘stocktake’ of New Zealand’s housing market revealed that the nation faces a “deeper and more entrenched” housing crisis than previously thought, which is having “devastating impacts” particularly on homelessness. Central to the problem was that dwelling construction has fallen well short of immigration-driven population growth over the

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NZ annual net migration eases to 70,100

By Leith van Onselen A week after Statistics New Zealand released data showing that the nation’s fertility rate has hit an all-time low: Statistics New Zealand has today released data showing that annual net migration into New Zealand has finally eased, falling to 70,100 in the year to January 2017, down 1,200 from January 2016:

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New Zealand’s population growth moderating, but for how long?

By Leith van Onselen There was a smidgen of good new on Friday for the New Zealand’s Labour-led Government, with immigration and population growth continuing to ease in the December quarter: In the year to December, New Zealand’s population moderated to 97,000 with net overseas migration (NOM) moderating to 69,970. This is down from the

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NZ Labour Government targets the property speculators

By Leith van Onselen I noted in the lead-up to the New Zealand General Election, held on 23 September 2017, that Labour had an excellent housing platform that addresses both supply and demand distortions via negative gearing reform, banning foreign buyers of existing homes, tighter capital gains taxes, removal of urban growth boundaries, plus bond

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NZ house prices are rising again despite Auckland falls

By Leith van Onselen The REINZ has released its house price data for January, which revealed a 0.7% seasonally adjusted monthly rise in the national median house price, with prices also up 7.0% year-on-year: Outside Auckland, seasonally adjusted house prices rose by 0.6% in January, with prices up 8.9% year-on-year. Looking at the major cities,

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30,000 homes a year needed to alleviate NZ’s housing shortage

By Leith van Onselen I reported yesterday how a government-commissioned ‘stocktake’ of New Zealand’s housing market revealed that the nation faces a “deeper and more entrenched” housing crisis than previously thought, which is having “devastating impacts” particularly on homelessness. Central to the problem was that dwelling construction has fallen well short of immigration-driven population growth

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NZ Government stocktake reveals “devastating” housing crisis

By Leith van Onselen MB has consistently argued that New Zealand’s housing market is even more diabolical than Australia’s, as evident by it being the most expensive in the Anglosphere when measured against GDP: As well as against incomes: Now, a ‘stocktake’ commissioned by the New Zealand Government has revealed that the nation faces a

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NZ’s housing shortgage worsens despite immigration pullback

By Leith van Onselen Statistics New Zealand released its permanent & long-term migration figures for December 2017, which revealed that immigration into New Zealand has continued to drift back from record high levels, with 70,016 annual net permanent and long-term arrivals landing in New Zealand in the year to December, down from a peak of

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Auckland dwelling consents hit 15-year high, but housing shortage worsens

By Leith van Onselen Auckland’s chronic housing shortage continues to worsen, despite dwelling consents hitting a 15-year high, according to Statistics New Zealand. There were 1,450 dwelling consents issued across Auckland in November – a 15-year high – but still only 10,731 consents issued over the year (see below charts). Whereas for New Zealand as