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

Hager Revelations: Inquiry Into NZSIS Release Of Goff Docs

The Inspector-General of Intelligence and Security (IGIS), Cheryl Gwyn, announced today that she would be instituting an inquiry concerning allegations that the New Zealand Security Intelligence Service (NZSIS) might have released official information to Mr Cameron Slater, regarding briefings provided to the then Leader of the Opposition, for political purposes...

“I am satisfied there is a sufficient public interest justifying the commencement of an own-motion inquiry into the substance of the issues raised with my Office,” said Ms Gwyn. More>>

Goff: Director’s Letter Contradicts Key’s Claims

At yesterday’s media standup, when asked on the topic John Key said ‘I wasn’t told’...
“In a letter dated November 2011 former SIS director Warren Tucker states three times that ‘in accordance with the usual practice of keeping the minister informed’ the Prime Minister had been told. More>>


 

Parliament Today:

Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

ALSO:

Fish Pun Warning: By Hoki! It’s Labour’s Fisheries Policy

A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. More>>

ALSO:

It's Official: Governor General Gives Direction To Conduct Election

The Governor General has signed the writ directing the Electoral Commission to conduct the General Election on 20 September 2014. This is the formal authority to run the 2014 election, and enables candidate nominations to open tomorrow Thursday 21 August 2014. More>>

Gordon Campbell: No More Mr Nice Guy

When future historians seek to identify the exact moment when the prime ministerial career of John Key hit the downward slope, they may well point to Key’s interview yesterday with Guyon Espiner on RNZ’s Morning Report. More>>

ALSO:

Dirty (Politics) Weekend: Collins’ Admission Reason For Key To Act

"Despite claiming that the evidence about her in Nicky Hager's book was ‘false’ Judith Collins has now been forced to admit that she did send information about a Ministerial Services staff member to Cameron Slater for him to use in a baseless smear campaign. More>>

ALSO:

Potential Disasters: Underground Coal Fire On Denniston Plateau

Forest & Bird says one or more coal fires have broken out beneath the Denniston Plateau, and that the Department of Conservation (DOC) must stop Bathurst Resources’ preparatory mining work going on there until the fire or fires are extinguished. More>>

ALSO:

Bikes: Nats Plan $100 Million For Urban Cycleways

Prime Minister John Key has today announced $100 million in new funding will be made available over the next four years to accelerate cycleways in urban centres. More>>

ALSO:

New Tax Bracket, Child Poverty Fund: Greens Launch Billion Dollar Plan To Reduce Child Poverty

The Green Party has launched a billion dollar package to significantly reduce child poverty in New Zealand. The details of the plan were released at the party’s campaign launch in Auckland. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news