Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Foreign owners could edge Kiwis out of property

12 June 2006


Foreign owners could be edging Kiwis out of property market

News that the falling New Zealand Dollar may be fuelling increased investment in the New Zealand property market by overseas buyers is being greeted with concern by the Green Party.

The latest property figures from Quotable Value show that house prices rose by 12.4% in the year to May. While growth in the sector is slowing, prices remain high, and reports have suggested that the growth is being fuelled by foreign buyers attracted by the low New Zealand Dollar.

"If this is the case, it is bad news for ordinary Kiwis," Green Party Foreign Investment and Housing Spokesperson Sue Bradford says.

"Foreign investors dealing in stronger international currencies are able to take advantage of our weak dollar to edge local buyers out of the property market, artificially driving up prices in the process. This is disastrous for New Zealanders looking to buy a family home," Ms Bradford says.

"It is not fair that ordinary Kiwis are missing out on owning their own homes because foreign buyers are looking to make an easy dollar on our property market. New Zealand is one of the few countries that does not put controls on foreign investment, and this clearly needs to change.

"However, the question of how to address this is made extremely difficult by the fact that the Government doesn't monitor sales to foreign investors, meaning it's impossible to get a clear picture. I urge the Government to follow the recommendation of the Finance and Expenditure Select Committee in August to monitor property purchases by foreign investors so their impact on New Zealand's housing market can be properly evaluated," Ms Bradford says.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news