Parliament

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

 

Foreign Buyer Pressure Highlights Need for Law Change

Foreign Buyer Pressure in Property Hot Spots Highlights Need for Law Change

New figures showing a high level of overseas house buying in New Zealand’s least affordable areas vindicates the Government’s move to ban foreign buyers of existing homes, Associate Finance Minister David Parker says.

Stats NZ data for the March 2018 quarter show 3.3 per cent of homes transferred went to overseas people, but that rose to 18.7 per cent in central Auckland and almost 10 per cent in the Queenstown-Lakes area.

“That shows the concentration of buying is in the areas of worst affordability and where price rises have been the highest,” David Parker said.

“Kiwis were right to be concerned, and that is why we are passing the foreign buyers law.”

He said the data measured the flow of properties into overseas hands, not the proportion of the stock that was held by overseas owners, and with more foreign buyers than sellers the number of foreign-owned homes was increasing.

“We want the prices of New Zealand homes, whether it be a lake-side station, the best houses in the Bay of Islands or the most modest homes in our towns and cities, to be set by local buyers not on the international market.”

David Parker said it was not just about the raw numbers of houses being sold overseas.

“It’s also a matter of values. We believe New Zealand homes should not be traded on an international market and New Zealanders should not be outbid by wealthier foreign buyers.”

In the March quarter nearly 10 per cent of home transfers were to corporate entities, and information on the ownership of those is not currently available.

The Overseas Investment Amendment Bill is on track to become law next month.


ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Our Military Roles In Iraq & Afghanistan

The politics of the deployment extension have degenerated into a slanging match about whether the previous National government was right or wrong to make the initial commitment to Iraq – and whether the extension is a responsible thing given our joint training role in Iraq with Australia, or is hypocritical in the light of prior statements made by a previous Labour leader etc. etc. etc.

As usual, the benefit – or otherwise – of our military presence to the people on the receiving end has barely had a look in. More>>

 

Commissioner To Be Appointed: Govt To Dismiss Board Of Whitireia And WelTec

Education Minister Chris Hipkins has made a preliminary decision to appoint a Commissioner to Whitireia and WelTec to address the two polytechnics’ financial woes. More>>

ALSO:

Open Government Action Plan: Government To Proactively Release Cabinet Papers

The Cabinet papers will be released no later than 30 business days after a Cabinet decision. This process will be in place for Cabinet papers lodged from 1 January 2019... More>>

ALSO:

NZ Initiative: Evidence Of "Huge" Government Waste

It is not so much that spending is being literally wasted. Rather the best performing countries are achieving much better outcomes relative to their spending. More>>

ALSO:

Gordon Campbell: On The Ardern Pep Talk

The intolerance being shown as the coalition process unfolds in New Zealand betrays our depressing appetite for a tidily totalitarian style of government where everyone is expected to march in lockstep. More>>

ALSO:

Last Two: All Charter Schools To Join State System

The decisions on Tūranga Tangata Rite in Gisborne and Waatea School in Auckland mean that all 12 charter schools that applied to become designated character or state integrated schools have now been approved. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels