Economist: Cut migrant numbers to bring down Auckland house prices

  • Cutting the number of immigrants allowed into New Zealand could reduce Auckland house prices by a quarter within two years, an economist claims.

Michael Reddell told TVNZ’s Q+A yesterday that cutting migrant numbers would help bring down the cost of housing.

An immediate reduction in immigration to as few as 10,000 people a year would lead to a drop in prices in the over-heated market within two years, he predicted.

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The average cost of a house in Auckland is now about $956,000, according to the latest figures issued by QV.

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