New Zealand annual net migration to slow over the coming years from current record levels

Data released by Statistics showed New Zealand's net migrant arrivals set a new record for July this year. A net 5,600 migrants arrived in New Zealand in July, setting a new record for the month with a 16 percent gain on July 2015. The increase compared to last July was driven by more migrants from China, South Africa and Australia.

Annual net migration reached 69,000 in July, down slightly on June which had an annual net gain of 69,100. This is the first time in 23 months that annual net migration has not set a new record.

In the year to June 30, New Zealand grew by nearly 100,000 people the largest population increase in the country's history. Booming population stoking more activity and record inflows of tourists have helped offset the impact of a rural sector reeling from weak dairy prices.

"Net migration is continuing to run around record levels, but there is some further evidence net migration could be close to peaking, with departures elevated," ASB Bank economist Daniel Snowden said in a note.