New Zealand ’ s latest Census data has unveiled a trove of insights that reflect the evolving fabric of our society while pointing toward new opportunities for homeowners in a rapidly shifting residential property landscape .
At a time when global economic uncertainty has dominated the headlines and the housing market faces ongoing scrutiny , understanding the intersection of population growth , migration patterns , and housing supply provides property owners with a better chance of making critical investment decisions based on future forecasting and the latest market trends .
Results from the latest census – conducted in March 2023 - show a nation that ’ s becoming more diverse , older and urbanised – yet , surprisingly , the longstanding narrative of a chronic housing shortage is beginning to unravel .
The data reveals a complex picture of interregional migration , fluctuating housing affordability , and the steady rise of high-density living , creating fresh opportunities for housing providers and those actively engaged with the market .
From increasing global influences to changes in ownership dynamics and housing typologies , the data provides a unique opportunity for property owners to position themselves strategically for the next phase of residential growth . After all , the best outcomes result from truly understanding the market and your target buyer .
DISPELLING SUPPLY MYTHS
The census reported national population growth of six per cent in the five years to March 2023 , with an increase in dwellings of nine per cent , challenging the long-held belief that New Zealand suffers a chronic undersupply of housing .
“ Latest census data shows housing supply over the last five years has kept pace with demand , challenging the belief that New Zealand suffers from chronic undersupply of housing .”
While regions including Auckland and Marlborough reported new construction that kept pace with demand , areas like Bay of Plenty , Gisborne and Taranaki lagged . In some cases , the variation can be attributed to interregional migration , as Kiwis sought better lifestyle benefits and housing affordability .
Sustained construction activity in the decade to 2021 has played a pivotal role in bridging the intense supply shortage that sent property prices sky-high . However , recent economic pressures , including rising building costs and a downturn in the economy , have seen new home-building activity slow once again .
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