They went on to say this:"Our working assumption is that after pent-up demand dynamics have played out, net migration will settle at an annual net inflow of around 40k in 2023. Come the December quarter 2022, however and high migration alongside moderating consents saw New Zealand record its first quarterly deficit in net housing supply since closing the border. "And while this was a relatively small deficit (around 1600 dwellings), the Q1 read is not going to be pretty," the ANZ economists say. "And if net migration proves persistent at higher levels than we assume, we could easily be looking at a housing deficit of 20-30k by this time next year." Migration is something the people who already live here don't seem to ever get a say on.

Source: Stuff May 04, 2023 00:36 UTC