NZ Reserve Bank Links Immigration Shock to 20 Percent Change in Housing Prices

A general view of Oriental Bay houses and apartments in Wellington, New Zealand on May 20, 2026. Hagen Hopkins/Getty ImagesRecent research by the Reserve Bank of New Zealand suggests that “immigration shocks” can lead to higher house prices and greater household credit.An immigration shock refers to a situation in which a country experiences a sudden, unexpected or large-scale increase in the number of migrants.