Immigration a Big Hit on Housing Prices

The Reserve Bank confirmed today Auckland house prices will continue to soar while the government allows wholesale immigration, says New Zealand First.

“The Bank is warning that with record migration flows there will be no stopping Auckland house prices going through the roof without Reserve Bank restraints,” says New Zealand First Leader Rt Hon Winston Peters.

“New Zealand First has consistently warned about the negative effect of record migration topping 40,000 a year, yet the government fails to move.

“A simpleton could recognise that immigrants need somewhere to live and will add to the demand for houses.

“When is the government going to reduce immigration to the skilled workers we need and consider the detrimental impact on Kiwis wanting an affordable home.

“The Reserve Bank is leaving the loan to value ratios in place to try and hold down housing prices, disappointing many young Kiwis who want their first home but will struggle to find the required deposit under this scheme.

“The Governor warned of a resurgence in the housing market prices, pointing to the migration figures. New Zealanders can rightly blame the government when this occurs.”

ENDS

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