Kelvin Davidson

If you look at the long run average from net migration, it's about 31,000, somewhere around there.

So even if it does turn around, it's this whole capacity argument.

Keep this in mind throughout our whole chat about inflation, the economy in general.

um yes we might be seeing net migration pick up but it's still way below where it would where it would normally be so like with a lot of these indicators i guess don't confuse growth with with the level you know yes we might be starting to see some growth come through but starting from a for a pretty soft position so it takes a while for the the number of things to to build up to a more level more normal level again even if you've got growth

So, yeah, but either way, you know, that's good news.

The trade-off is a bit of inflation, but we've got what looks to be now a much more solid economic recovery coming through.

So, yeah, that's encouraging.

staunch numbers there from first home buyers which probably took a lot of the headlines for the chart pack last week yeah sure did yeah i mean it's just i found myself saying the journalist tail end of last week sort of it's a bit easy to get complacent or a bit sort of blasé about the first home buyers numbers are 28 29 you know it's just it's just more of the same but actually

So this is a great news story.

It is more of the same and it's been record highs for a good couple of years now.

So just more strength from first-time buyers.

Don't get complacent about it because actually this is what we want to see.

You want to see people getting into the market if that's what they choose.

You want to see the ability to get into the market if they want to.

Yeah, we're definitely seeing it at the moment.

So first time buyers, I think in December alone, it was 28.8% of activity, not quite a record for a single month, but pretty close.

And across the quarter as a whole, 28.4.

So that was a new record, having beaten the previous record, which was only set in Q3.

So yeah, first home buyers are still really active.

I mean, house prices are down, that helps, interest rates are down.