Latest migration stats bad news for house prices

Press Release – New Zealand Labour Party

New statistics showing New Zealand had its second highest net migration rate in April is evidence the Government must take action to curb the pressure on house prices and inflation, Labours Housing spokesperson Phil Twyford says.Phil

TWYFORD

Housing Spokesperson

21 May 2014 MEDIA STATEMENT
Latest migration stats bad news for house prices

New statistics showing New Zealand had its second highest net migration rate in April is evidence the Government must take action to curb the pressure on house prices and inflation, Labour’s Housing spokesperson Phil Twyford says.

“New Zealand had a seasonally adjusted net gain of 4,100 migrants in April. The only time it has been higher was in February 2003 when a large number of overseas students arrived to study at our universities.

“These new migrants will need to find about 1500 homes.

“High migration is adding to the housing crisis, particularly in Auckland and Christchurch where affordable homes are becoming a rare commodity.

“Labour stands for a vibrant, multicultural New Zealand and values the contribution our migrant communities make. We support migration on humanitarian grounds.

“However, it is important that migration is not making life harder for ordinary Kiwis. More people in New Zealand means higher house prices and higher interest rates.

“The Government cannot continue to ignore the housing crisis.

“A Labour government will manage migration at stable levels, curb rising house prices by clamping down on speculators and taxing capital gain, and build 100,000 affordable houses,” Phil Twyford says.

ENDS

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