PHOTO: 123RF Over the last five years, the median price has risen 36 per cent to $565,000, according to data from the Real Estate Institute of New Zealand.
Limits are being placed on immigration in New Zealand.
The Government is planning to fulfil its election promises by reducing immigration numbers – Labour originally indicated reductions of up to 30,000, while New Zealand First proclaimed a goal of 10,000.
In the last financial year, 20,573 resident visas were approved, down from 22,932 and 28,301 in the 2017/18 and 2016/17 financial years, respectively, according to Immigration New Zealand data.
So will this have any affect on New Zealand’s house prices?
It’s no secret that housing in New Zealand is expensive.
Over the last five years, the median house price has risen 36 per cent to $565,000, according to data from the Real Estate Institute of New Zealand.
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