NEW ZEALAND
CRE OVERVIEW
GEOGRAPHIC OVERVIEW
New Zealand’s population has grown to over 5.3 million, supported by both natural increase and net international migration. As at June 2025, natural increase became the primary contributor to population growth for the first time in more than a decade, excluding the temporary COVID-related distortion. Over the past year, natural increase rose from 19,600 to 21,000, while net international migration declined sharply from 70,400 to 13,700. Over the longer term, the population is projected to increase more gradually, reaching close to 5.5 million by 2033. Population growth remains concentrated in Auckland, Wellington and Christchurch, with Auckland home to nearly one-third of the national population and continuing to function as the primary economic centre. While Auckland recorded natural increase and international migration gains in the first half of 2025, it also experienced the largest net DEMOGRAPHIC OVERVIEW
New Zealand is a South Pacific nation comprised of numerous islands, with the North Island and South Island being the largest and most economically significant. Commercial and demographic activity is concentrated within a connected network of urban centres led by Auckland, Wellington, and Christchurch. Auckland serves as the primary commercial hub and gateway for international trade and talent; Wellington anchors the administrative and policy base; while Christchurch supports South Island commerce, services, and regional industries. Growing centres such as Hamilton and Tauranga also contribute to an expanding economic corridor supported by port connectivity and logistics infrastructure. This spatial pattern that concentrated in key nodes but geographically well-linked, shapes a property market where locality, transport access, and sector-specific clustering directly influence occupier demand and investment strategy.
internal migration loss nationally, reflecting an ongoing redistribution of population towards surrounding and regional centres. Hamilton has benefited from population spillover from Auckland, supported by its proximity and inflows from both natural increase and international migration. While growth has been strong, the city remains smaller in scale, with a population of approximately 152,000, and sits outside New Zealand’s three largest urban markets. Christchurch has been more reliant on internal migration, recording net internal inflows over the past year, partly offset by a sharp slowdown in international migration. Wellington presents a contrasting dynamic, with international departures exceeding arrivals, resulting in the largest net international migration loss among major cities, despite its role as the national capital.
CHART 1: NEW ZEALAND MAJOR CITIES
AUCKLAND
WELLINGTON
CHRISTCHURCH
CHART 2: POPULATION CHANGE (JUNE 2025)
NET INTERNATIONAL MIGRATION
NATURAL INCREASE
NET INTERNAL MIGRATION
CITY
POPULATION
Auckland
1,710,000
11,400
-3,200
9,500
Wellington
427,500
750
210
-1,700
Christchurch
410,400
1,300
1,700
980
Hamilton
152,600
1,500
800
1,900
CUSHMAN & WAKEFIELD
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