New Zealand recorded highest ever net migration gain in last five years as most of the people decided to live in the country in the backdrop of uncertainties caused by global financial crisis. The figures released by Statistics New Zealand on Monday reflected a net migration gain of 18,600, the highest gain since August 2004.
Permanent and long-term (PLT) arrivals last month declined just 1 percent as compared to last year to stand at 86,700 while departures declined 14,900 or 18% during the reporting period. PLT arrivals exceeded departures by 3,000 in October while arrivals exceeded departures by 3,000 on the seasonally adjusted basis.
The country attracted 1,300 migrants from Britain in October while 400 and 300 from India and China respectively. There was 35 per cent decline in PLT departures on monthly basis including departures to Australia and Britain.
ASB economist Jane Turner added that rise in arrivals and decline in departures has been pushing housing rates and the situation is expected to remain as it is for some more time.
Turner added, "The demand for housing and pick-up in house prices threaten a return to an economy that is overly leveraged to housing debt, which will test the RBNZ's patience over the next six months."