House building: NZ needs 125,000 homes in 5 years to meet high migration – Westpac

NZ will have to re-kickstart its home building sector. (Image: BusinessDesk)

Fri, 15 Mar 2024

Westpac Bank says New Zealand will need to again ramp up its home-building machine after the post-pandemic slowdown to about 125,000 additional homes over the next five years, if it hopes to keep up with rampant migration.Westpac senior economist Satish Ranchhod said while some parts of the country were catching up with longer-term underbuilding of homes, the pressure wouldn’t go away in the wake of increasing population growth.In the bank’s latest economic bulletin, Ranchhod suggests NZ will require 25,000 homes per year over the n...

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