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

 


NZ at risk of overseas investors driving up house prices

21 November 2012

NZ at risk of overseas investors driving up house prices

New Zealand needs to follow the lead of Hong Kong and place restrictions on overseas buyers’ ability to purchase real estate here, Green Party Co-leader Dr Russel Norman said today.

Hong Kong has imposed a 15 per cent emergency tax on foreign buyers of residential property. Hong Kong took this step after investors from Mainland China drove up prices creating a housing bubble.

"Real estate agents in Auckland are raising concerns that overseas buyers are driving up house prices in Auckland,” said Dr Norman.

“Many of these buyers may not even be intending to live in the homes they have bought.

“Australia also has restrictions on overseas buyers purchasing residential properties. Overseas buyers cannot buy established dwellings as investment properties or as homes, unless they meet certain strict criteria.

“The situation as it stands in New Zealand is that foreign buyers only need approval under certain conditions such as when the deal is worth more than $100 million dollars.

"Our weak overseas investment laws mean New Zealand is a good place to speculate in property for overseas investor.

“This situation may be great news for real estate agents but in an already tightly squeezed market, is bad news for New Zealand home buyers.

“Reducing price pressure from overseas investors is just part of the Green Party’s solution to making housing more affordable,” Dr Norman said.

“A capital gains tax (excluding the family home) will further reduce speculation while greater government investment in affordable housing, a warrant of fitness for rental properties, and assistance for first home buyers will ensure more Kiwi families get to live in warm, healthy homes.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

2040 Target And Lower Standards: “Swimmable” Rivers Five Times More Likely To Make You Sick

Forest & Bird has condemned the government’s new water quality standards, warning New Zealanders that they lock in current levels of water pollution and allow for a 5-fold increase in the chance of getting sick from swimming in a river.

“Despite an explicit assurance from Minister Smith that the new water standards would provide for human and ecosystem health, he has failed to deliver on either of these things,” says Forest & Bird CEO Kevin Hague. More>>

 
 

Mayor: 750 New Social And Affordable Homes For Wellington

The next stage of Wellington’s Housing Upgrade Programme will see at least 750 new units of social and affordable housing built over the next decade, Mayor Justin Lester has announced. More>>

ALSO:

22/2: Christchurch Quake Memorial Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial. More>>

ALSO:


November Quakes:

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:


Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news