Immigration inflow of 1% lifts house prices by 10%, RBNZ finds

The Reserve Bank published research on 16 June 2026 quantifying the housing impact of migration. An inflow equal to 1 percent of the population drives around 10 percent real house price growth. At March 2024's average of $934,806, that shift represents roughly $93,500 — a material figure for first-home buyers and mortgage holders assessing debt risk.