What soft housing demand signals is next for NZ’s economy

Population growth isn’t that easy. (Image: Getty)

Mon, 10 Nov 2025

Bums on seats. It’s a simple economic model. Lift population growth to drive demand.That is not easy when fertility rates are declining, meaning you are reliant on migration.Population growth drives more demand for housing.New Zealand’s resident population grew 0.7% (34,700) in the year ending June 2025, far slower than rates recorded in 2024 (1.7% or 90,000) and 2023 (2.3%).New Zealand’s population has increased by 124,700 in the past two years.Through a static lens, if we assume 2.5 people per home, we needed to build a...

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