Permanent and long-term migration inflows have not been exceptional in the post-global financial crisis (GFC) period, averaging 7000 per annum, compared to 18,000 per annum on average during the 2003–07 boom period (Figure 3). Internal migration to Auckland from Christchurch and other areas could be contributing to the Auckland housing shortage.
However, while our data on internal migration flows is sketchy, this factor does not appear to be a strong driver of the current Auckland market. Figure 3: House prices, net migration, and mortgage rates  Source: Property IQ, Statistics New Zealand, RBNZ. The role of mortgage interest rates in current market pressures is much clearer. Current “best in market” rates are around 4.8–5.0 percent.