The number of people leaving New Zealand for good slowed in November, as fewer moved to Australia.
Official figures show there was a seasonally adjusted net loss of 50 for the month, from a revised loss of 650 in October.
ASB Bank chief economist Nick Tuffley says although the country still suffered a migration loss, there are signs the trend is starting to reverse.
He says more people are also coming to live in New Zealand, particularly from the UK and Europe.
For the year to the end of November, there was a net loss of 568 permanent and long term migrants, the largest net loss since September 2001.