Source: REINZ, Ray White Economics
However, underlying risks are emerging.
Net migration slowed dramatically in the year to February 2025, with a gain of just 32,922 people, down from 113,736 the previous year, and a peak of 135,500 in October 2023. If population growth continues to falter while supply increases, market stability could come under pressure.
Adding to this uncertainty is the potential economic fallout from rising U. S. tariffs. As New Zealand’ s second-largest export partner, any disruption in U. S. trading risks local economic confidence, just as the housing market begins to regain its footing.
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