http://www.mbie.govt.nz/publications-research/publications/housing-and-property/nidea-report-immigration-housing-literature-review.pdf

Summary:

1. The decrease of New Zealanders leaving in recent years, due to relatively strong economic
growth and a subdued Australian economy, has had a bigger impact on rising house prices
in Auckland than the growing number of migrants settling in Auckland.
Supported

2. The contribution of the inflow of Australians and of returning New Zealanders to
population growth in Auckland has had a bigger impact on house price increases than
other permanent and long-term (PLT) arrivals.
Inconclusive

3. Current and recent (5 years previous) net international migration trends (considering both
PLT arrivals and departures) have had a minor impact on the Auckland housing market,
relative to other factors.
Supported

4. Investor migrants are not having a disproportionate impact on the Auckland housing
market as they are purchasing largely commercial property or a single individual
residence.
Supported

5. Until comprehensive data become available on country of residence of buyers and sellers
at the time of a sale, it cannot be established conclusively that offshore investors drive up
house prices in particular areas in central Auckland.
Supported
6. Given the above and the time lags between immigration policy changes and impacts, it is
unlikely to be useful to make changes to immigration policy to dampen Auckland house
prices.
Supported

Overall we find that the literature and the available data on population change
suggest that
visa-controlled immigration into New Zealand, and specifically into Auckland, in the recent
past has had a relatively small impact on house prices compared to other demand
factors,
such as the strongly cyclical changes in the emigration of New Zealanders, low interest rates,
investor demand and capital gains expectations. Consequently, changes in immigration
policy, which can impact only on visa-controlled immigration, are unlikely to have much
impact on the housing market.

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