At the same time, buyer demand remained soft with nationwide listing views falling by 1% in September. Earlier this week, Statistics New Zealand showed that the nation experienced a net overseas migration (NOM) loss of 11,500 in the year to June 2022, which drove population growth to its lowest level since World War II. But it’s likely around 37,614 new homes were completed during that period, giving a surplus of supply over demand of 32,729 homes. That is a substantial turnaround from previous years when demand for housing was significantly exceeding supply, creating a growing housing shortage. Interest.co.nz has previously estimated that high levels of immigration in the year to June 2020 meant the demand for new homes exceeded supply by almost 10,000 homes that year.

Source: New Zealand Herald October 27, 2022 15:27 UTC