Westpac Bank says New Zealand will need to ramp up house-building prowess to keep up with increased migration.

The bank estimates 125,000 homes will need to be built within the next 5 years to meet demand amid soaring post-pandemic migration.

Westpac Senior Economist Satish Ranchhod says even if migration slows down to more average rates, the population is likely to increase by 300,000.

"Just thinking about the number of people that's going to be required to be housed- it pushes it up to those really high levels of building over the next few years."

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