New housing supply: NZ will be 15,000 short this year - BNZ

Building sector won't keep up with demand. (Image: Depositphotos)

Wed, 28 Feb 2024

New Zealand will come up about 15,000 houses short this year, as surging immigration outweighs the building sector's ability to cope with demand.BNZ suggests NZ will need between 45,000 and 50,000 new homes this year to accommodate the record population growth, based on an average of 2.6 people per dwelling.That's after a post-pandemic immigration boom that shows few signs of abating, with Stats NZ data recording a record net annual gain of 126,000 people last year. The bank's chief economist Mike Jones said it’s “h...

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