Population growth from migration surged to a new all time high of 58,259 in the year to June.
The latest figures from Statistics New Zealand show that 115,655 people came to this country on a permanent and long-term basis in the 12 months to June, while 57,396 departed, leaving a net gain of 58,259.
The figures show that population growth from migration is rising at a meteoric rate compared with previous years, with a net gain of 38,338 in the year to June 2014, 7907 in the year to June 2013 and a net loss `of 3191 people in the year to June 2012.
The biggest net sources of migrants in the year to June were India (12,031), followed by China and Hong Kong (8668), The Philippines (4299), the UK (4263), France (2817), Germany (2810) and South Africa (1643).
More people are continuing to move to Australia than arrive from that country, with a net loss of 1185 people to Australia in the year to June, but that is well down on the net loss of 8325 in the year to June 2014 and the net loss of 31,246 in the year to June 2013.
There was net loss of 5644 New Zealand citizens in the year to June and a net gain of 63,903 citizens from other countries.
The biggest growth in migration has come from India, with the net gain from that country more than doubling over the last three years from 5120 in the year to June 2013, to 6998 in the year to June 2014 and 12,031 in the 12 months to June this year.
There has also been significant net migration growth from China and The Philippines over the last two years.
Conversely, the net migration gain from the UK has declined steadily from 6304 in the year to June 2013, to 5522 in the year to June 2014 and 4263 in the 12 months to June this year.
The strong migration inflows are expect to maintain the pressure on the Auckland housing market, with around 60% of permanent and long term migrants expected to settle in the region.
In a First Impressions newsletter on the latest migration figures, Westpac senior economist Felix Delbruck said he expected a slow down in migration.
“We expect net migration will start to slow as the year progresses, but at a gradual pace,” the newsletter said.
“Reconstruction activity in Canterbury is at a peak and the wider New Zealand economy has come off the boil, which will in time make New Zealand a less attractive destination for migrants.
“Today’s numbers will make little difference if any to the Reserve Bank’s determination to cut the OCR on Thursday,” the newsletter said.
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