FT Alphaville: Could immigration controls be the solution to New Zealand’s frothy housing market?
Australia’s commodity bust can explain the entire decline in departures from New Zealand, which in turn explains about half of the change in net migration over the past few years. In addition to discouraging new arrivals from the east side of the Tasman Sea, the bust motivated many Kiwis who had previously migrated to Australia to return home while encouraging many Australians to move to New Zealand in much larger numbers:
Lots more at the link.
If this is really a story about New Zealand returnees it looks a bit like Ireland in the 1990s, when the country swung from generations of emigration to neutral in the early 1990s and then to net immigration in the mid 1990s. The housing market boomed.