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Labour's Blundering Lowers House Prices

Labour's Blundering Lowers House Prices

Friday 17 Sep 2004

Dr Muriel Newman - Press Releases - Immigration

Property investors and developers trying to figure out just what happened to the property market, and looking for the causes of a looming slide in house prices, need look no further than the blundering Labour Government, ACT New Zealand Deputy Leader Dr Muriel Newman said today.

"The recent housing boom was largely the result of huge increases in immigration. In 2001, New Zealand had a net loss of 6,751 people. By 2003, that had reversed to a net gain of 42,087," Dr Newman said.

"That increase - of almost 50,000 people - fuelled the demand for housing, and property developers and investors rushed to meet the need. Housing prices increased and New Zealand enjoyed a housing boom.

"As a result of political pressure over its immigration policies, however, Labour panicked. Rather than orchestrating a reduction in a controlled manner, to minimise impact on the economy, the Government simply turned off the tap. By 2004, net arrivals had almost halved to 20,572.

"With over 21,000 fewer people now entering the country, the impact on the housing market will be considerable. Homeowners throughout the country may well feel the effects of Labour's immigration blundering as the value of their homes begin to fall," Dr Newman said.

ENDS

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