Otago Property Investors Association Inc

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21-11-2012

Restrict foreign buyers: Greens

Landlords.co.nz

Restrictions should be put on overseas’ buyers ability to purchase real estate in New Zealand, the Green Party says.

Hong Kong has imposed a 15% tax on foreign buyers of property after purchasers from mainland China pushed up prices.

Green co-leader Russel Norman said Australia also had restrictions on overseas buyers: Overseas buyers cannot buy established dwellings as investment properties or as homes, unless they meet certain strict criteria.

It was reported this week that Chinese buyers in particular were purchasing properties for top dollar in Auckland.

Norman said many of them did not plan to live in their properties.

"Our weak overseas investment laws mean New Zealand is a good place to speculate in property for overseas investor. This situation may be great news for real estate agents but in an already tightly squeezed market, is bad news for New Zealand home buyers.”

He said reducing price pressure from foreign investors was part of the Green Party’s solution to housing affodability, along with a capital gains tax on investment properties and help for first-home buyers.

Source: Landlords.co.nz

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