"In other words, New Zealand has a widening housing deficit," the report says. It says this is a marked turnaround from the situation up until the third quarter of last year, when the housing deficit had largely been eroded. "However new demand for housing outstripped new supply in both Q4 [fourth quarter] 2022 and [first quarter] 2023. "With net migration showing no signs of letting up yet, though we assume it will soon, that deficit is likely to keep widening for a while." "Our forecast is for net migration to ease from recent extremely high levels.

Source: Stuff May 30, 2023 05:48 UTC