Net migration positive in May as departures to Australia drop (Update 1)

There were a net 727 net permanent and long term arrivals to New Zealand in May, the eleventh consecutive month of positive net migration to the country, figures released by Statistics New Zealand show. (Includes link to realestate.co.nz analysis of inquiries) Net movement of Kiwis to Australia fell again in May, with net departures of 1,241 more than half of net departures in May 2008. Seasonally adjusted figures indicate a net inflow of 2,690 over the month. This was the highest seasonally adjusted monthly net migration figure since June 2003, Stats NZ said. The trend of net permanent and long term arrivals has risen steadily since October 2008. Some have argued higher net migration will boost the housing market and therefore the wider economy, but unlike the influx in 2003, 2004 and 2005, this migration surge is driven by fewer New Zealanders leaving, more Indian students arriving and more Philippine dairy workers and health sector workers arriving. A net 1,590 New Zealanders moved offshore on a permanent/long term basis in May, compared to the net 3,764 who left in May 2008. There was a net inflow of 2,317 non-New Zealand residents to the country, from 2,465 a year ago. The net 727 permanent/long term arrivals in May were made up of net 93 moving to New Zealand from the United Kingdom, while the highest net migration from any country was 423 from India, followed by 285 from the Philippines. Alastair Helm at realestate.co.nz has some interesting numbers to back up the relative lack of inquiries to buy from the traditionally strong market of the UK.