NZ an easy mark for overseas property speculators

Revelations that New Zealand is being marketed in Malaysia and other parts of Asia as an easy place to make a quick property buck show why we desperately need restrictions on non-resident foreign buyers in our overheated market, the Green Party said today.

“These cashed-up non-resident buyers must think New Zealand and the National Government are easy marks,” said Green Party housing spokesperson Kevin Hague.

“They can come here, score a bunch of properties, pay no capital gains tax and charge a premium for rent – and they know John Key and his Government will do nothing to stop them.

“Meanwhile, young New Zealanders are having to pay those rapidly-rising rents, and they’re being completely priced out of ever owning their own homes.

“Everyday New Zealanders aren’t suckers – they know this situation is wrong and unfair.

“We need to urgently tighten our overseas investment laws to prevent this from continuing for years and years to come.

“As it stands, foreign buyers only need approval under certain conditions, such as when a deal is worth more than NZ$100 million.

“It is no surprise that people in countries like Malaysia are being encouraged to invest here when our rules are so relaxed.

“The Greens are the only party supporting the hopes of young New Zealanders trying to buy a home, by backing restrictions on non-resident overseas buyers and firmly supporting a capital gains tax.

“There is a groundswell of support for these measures and the tide is turning on this do-nothing Government.

“New Zealanders want our young people to be able to buy their own homes – and they want this Government to make the big calls that need to be made to allow that to happen,” said Mr Hague.

ENDS

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