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If you are renting, it sucks in multiple ways. Higher prices, higher rents, wage pressure relaxes so not so much in the way of pay rises.
Well, if you own a home. It will depend on your mortgage, the lower it the better as interest rates have a lower effect on you. The higher prices still suck as does the wage pressure relaxing.
In my view it's essentially a Ponzi scheme. More and more people coming in drives house equity "growth" and increases tax take with a lag on the demand for corresponding tax expenditure.
Unsustainable in the long term of course but the last 3 govts haven't let that worry them.
Of all the weird and wacky data points illustrating our peculiar economy, perhaps the most overlooked is the number of people still arriving in and departing from New Zealand.
Overlooked by the media I suppose, probably because they have been cowed into thinking that bringing it up means you're some kind of xenophobe or racist.
is the number of people still arriving in...
Don't have to be a a great and prosperous country to have people want to move here. Just have to be better than where they are (with respect to their personal circumstances).
I think this could be made into a net positive if new immigrants were not allowed to buy a house but were allowed to build one.