Media Release

3 August 2007

Data On Foreign Property Ownership Must Extend To Farms

New Zealand First rural affairs spokesperson Doug Woolerton is calling for more extensive data to be collated to enable the full extent of foreign ownership of farms and the subsequent effect on farm prices to be known.

Mr Woolerton’s comments arise in the wake of recent reports which confirm that big-money purchases are raising fears among New Zealand farmers that overseas investors are driving up farm prices and pricing New Zealanders out of the market.

“Dr Cullen, as a result of pressure from New Zealand First, has recently asked for further work on the extent of foreign property purchasing to be undertaken, given some concerns about the quality and the coverage of the data. He has not however, indicated whether rural properties will be examined as part of this study. Ongoing reports suggesting local farmers are being squeezed out of the market indicate that the inclusion of rural data is absolutely essential,” said Mr Woolerton.

“Despite the Finance Minister issuing many assurances to the contrary, it is clear to New Zealand First that, despite recent changes, the Overseas Investment Office continues to be little more that a rubber stamping body.

“It is time for the full picture of foreign ownership of New Zealand property to be known. The Government owes it to the people of New Zealand to present a complete picture, as the evidence presented thus far does little to back up Dr Cullen’s assertions that foreign ownership is having little to no effect on property prices,” said Mr Woolerton.

ENDS

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