8  BIS Review 48/2004  Figure 7 Estimated annual demand for dwellings from migrants Number of dwellings (calculated as net migrants/average persons per dwelling)  The housing markets in some parts of the country where such activity was prevalent a year or two ago, such as Nelson, appear to have been cooling recently.
The significant rise in house prices in these regions following a surge in demand, coupled with the stronger New Zealand dollar, has presumably dampened overseas investor enthusiasm to buy such properties. However, by all accounts, Australian investors are still active in purchasing New Zealand properties at the moment.