Foreign Ownership Of NZ Homes Needs New Regulations

Rt Hon Winston Peters
Author: 
Rt Hon Winston Peters
Date: 
Sunday, November 25, 2012 - 09:30
Issue: 
Member's Bill: Land Transfer (Foreign Ownership of Land Register) Amendment Bill

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.