Statistics New Zealand figures released yesterday showed the November net inflow of 5610 people was unchanged from October.
Both arrivals (10,800) and departures (5190) fell during the month.
Annual net migration eased to 70,354 people, the lowest since November 2016.
The peak came in July this year with 72,400 annual net migrants.
ASB chief economist Nick Tuffley said there had been signs of stabilisation in the past few months. The three-monthly average for net migration inflows were sitting at about 5500 per month.
Annualised net inflows were steady at about 65,000 people.
''There is no discernible trend in arrivals or departures at present with historically high arrival numbers still outnumbering cyclically low departures two to one.''
However, ASB still expected inflows to moderate as Government policy changes triggered a moderation in net non-New Zealand resident arrival numbers, while departure levels were expected to lift from historicallylow levels, he said.
ASB also expected a moderation in net immigration inflows to below 40,000 by the end of 2019 and below 20,000 by the end of 2021.
The forecast slow down in net migration figures comes as the Government gets set to pass its law banning overseas buyers from purchasing existing homes.
Associate Finance Minister David Parker said the law recognised and reaffirmed it was not a right for an overseas buyer to purchase a house in New Zealand.
''Our objective is to ensure the New Zealand housing market is shaped by New Zealanders.''
Under the law, only New Zealand and Australian citizens, and permanent residents of both countries, would be able to buy an existing home in New Zealand without going through screening from the Overseas Investment Office, he said.
