This has largely reflected a very sharp fall in the number of short-term overseas students in the country over the past 18 months (i.e. those here for periods of less than a year). There have also been other factors acting to reinforce demand for new dwellings in recent years.
These include the drift of New Zealanders to warmer regions and into the cities, as well as social changes that have seen the average number of persons per dwelling steadily decline. Life-style changes and preferences have increased the demand for inner-city apartments and more exotic alternatives to the traditional New Zealand family home - the one bathroom, three bedroom bungalow.