Rt Hon Winston Peters

New Zealand First Leader
25 November 2012

Foreign Ownership of NZ Homes Needs New Regulations

New Zealand First is proposing a new policy to limit speculation in residential properties by foreigners and foreign companies unless they meet specific criteria.

Rt Hon Winston Peters says Auckland’s housing boom is fuelled by thousands of foreign investors buying properties and making housing unaffordable for many New Zealanders.

“We aim to introduce restrictions on non-residents/non-citizens entering the New Zealand domestic housing market.

“The aim is to prevent foreign investors buying up our properties and taking the rental profit and capital gains offshore.

“This pumps up property prices and effectively shuts the housing ownership door for many Kiwis.”

Mr Peters says there would be dispensations for people coming from countries in which New Zealanders can buy land under the same conditions as locals.

“Work is already underway to flesh out the bones of the proposed policy which will be taken to our next party convention to be ratified,” says Mr Peters.

ENDS

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Snow Forecast: Red Cross Prepares For Severe Weather Conditions

A Red Cross Emergency Operation Centre (EOC) is being set up in Christchurch to respond to the snow forecast for the South Island.

An Incident Management Team will be in place at the EOC from 10.00am tomorrow morning and Emergency Response Teams around the country are on standby.

South Island Emergency Management Officer Stephen Manson says that final preparations are underway to ensure the EOC is in a position to respond to emergency community needs as they arise. More>>