For the first time in more than 20 years, more people left Australia to live in New Zealand than departed ''God's Own'' for ''the lucky country''.
It's a far cry from the days when Kiwis left here in their droves in search of better employment opportunities and a warmer climate, leading then prime minister Robert Muldoon to famously say there was no great loss as those leaving ''raised the IQ on both sides of the Tasman''.
Even as recently as 2012, the net outflow was 40,000.
But times have changed and New Zealand has been breaking migration records for many months.
Most recently, Statistics New Zealand figures show the country gained a net 62,500 migrants (120,100 arrivals to 57,600 departures) in the year to October.
Australian arrivals far outstripped those from other countries (although two-thirds were returning New Zealanders), and migrants from India (many on student visas), the UK and China were next in descending order.
At present, most migrants go to Auckland, but the Government is incentivising regional spread.
Prime Minister John Key is revelling in the statistics, saying they are a cause for celebration as the country is ''doing something right''.
He is both right - and wrong.
There is no doubt the scenic, lifestyle and economic opportunities are lures for those in emerging economies.
We are viewed as a comparatively safe society, and an accepting one in which it is easier than many to gain entry, residency and acceptance, and come to study.
On the other hand, the tide has turned in Australia.
The mining boom is declining, and in tougher times (and with tougher actions and attitudes towards New Zealanders) the honeymoon period there may simply be over.
And the sad fact remains the picture is not rosy for many people on this side of the Tasman.
Housing availability and affordability issues in various areas are putting even the traditional ''middle classes'' out of the market.
And for many lower-socioeconomic families, overcrowding or homelessness, ill health and child poverty are the new norm.
Amid the fanfare of the migration statistics, a Citizens Advice Bureau (CAB) report illustrates this very different and ugly truth.
It shows the number of people seeking emergency accommodation through the CAB (often after getting nowhere with Work and Income, Housing New Zealand and the Ministry of Social Development) has doubled in five years.
The CAB received more than 3000 inquiries this year, and 10,000 inquiries in the past five years.
It says pregnant woman and children are among the homeless sleeping in cars and garages, and sometimes dozens of people are crammed into one dwelling.
The Government acknowledges housing supply is a problem, and increasing migration exacerbates that.
However, Mr Key's comments that ''rather than worry about it too much, we should just respond'' will be greeted with no small measure of frustration by many given claims only about 100 houses have been built under the first two years of the Auckland Housing Accord alone (which had a target of 39,000).
The accord's second-year report, released this week proclaims the ''excellent progress'', with a raft of figures around consents, and says ''approximately 500 dwellings have been built'' across all special housing areas.
Mr Key says the Government is doing the best it can when it comes to social housing, blaming the problem on a ''logjam'' of tenants not wanting to move out of Housing NZ properties.
While migration has notable economic and social gains, it should surely not come at a cost - particularly to our most vulnerable.
Job opportunities are important for everyone, and housing fundamental: to stability, security, mental and physical health, learning and development, and a sense of community.
All New Zealanders should be able to thrive, not just survive.
Perhaps when we have balanced our ideals with reality, matched the opportunities for some with support for those who need it, we can truly trumpet our success.
