New Zealand bans foreign home buyers as prices surge

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New Zealand bans foreign home buyers as prices surge

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New Zealand bans foreign home buyers as prices surge Independent. Kiwis should not be outbid like this. While New Zealand joins other countries in restricting or heavily taxing sales of existing homes to foreigners, such measures have done little to curb prices in places like Hong Kong and neighbouring Australia. Auckland is the fourth-least-affordable property market in the world, according to Demographia.

However, there is limited data on how many non-resident foreigners actually buy residential houses in New Zealand, with the previous government claiming they accounted for as little as 2pc of overall purchases. Ardern’s Labour-led government will introduce an amendment to the Overseas Investment Act to classify residential housing as “sensitive”, meaning that non-residents or non-citizens can’t purchase existing residential dwellings. Australians won’t be affected because New Zealanders are exempt from Australia’s policy.

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New Zealand bans foreign home buyers as prices surge

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