You can read the entire article here, but i thought the ASBs' Cameron Bagrie summed it up well with the following comment.

"While Mr Bagrie believes increased net migration inflow is a positive sign for both the economy and housing, net migration is not the holy grail of drivers for the property market.

"There are other forces at play. We are particularly interested in the effect of a deteriorating labour market, particularly as the housing market turned when the unemployment rate was still at historically low levels. The risk is that the recent pick-up in housing market activity will not be maintained," Mr Bagrie says.

"Therefore, the rise in net migration inflows, if sustained, is more likely to be a key accelerant over 2010, rather than a 2009 story."