Immigrant boom means more housing pressure

Booming immigration will put even more pressure on the housing market, the Treasury says.

In its latest economic update, released on Tuesday, the Treasury forecasts the net migration gain will peak at around 52,000 in the first quarter of next year.

That compares with the current annual rate of about 42,500, which is high by recent standards.

“If the current strength persists it would put additional pressure on the housing market and add further impetus to domestic demand,” the Treasury says.

“However, higher migrant inflows to Canterbury could mitigate some of the capacity risks associated with the rebuild.”

It says the current migration cycle differs from previous ones – there are fewer departures, and the proportion of working-age arrivals is higher.

Finance Minister Bill English, speaking to reporters after the update was released, said more arrivals simply meant that more houses would be needed.

“We have to get more houses on the ground, and councils must understand that if more people turn up, more land is going to be needed.”

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Immigrant boom means more housing pressure
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