Advisers may find an increased interest from Indian and Chinese customers new to New Zealand as the annual net migration rose to record levels in August, according to Statistics New Zealand.
Nationally, the August year saw a net gain of 60,300 migrants, with arrivals rising 13 per cent to a record 117, 900, with the biggest contribution from India, followed by China, the Phillippines and the UK.
Half of all migrants in the past year indicated they were settling in the Auckland region and the influx has heightened the demand in the city’s property market and previously prompted the Reserve Bank to cut the cash rate to maintain financial stability.
In the monetary policy statement this month, the bank said it expects migration to begin to soften, although this year the inflow has surpassed its expectations.
Short-term visitors also broke records in the August 2015 year with 3.02 million visitors, up 8 percent from the August 2014 year. Of that, 1.29 million were from Australia, 320,400 from China, and 236,300 from the US.