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First-home buyers driving prices more than investors: King


First-home buyers are having more of an impact on Auckland property prices than foreign investors, says the president of the New Zealand Property Investors Federation.

Andrew King was responding to Labour’s announcement than once in power, it would not allow foreign investors to buy second-hand homes in New Zealand.

Australians would be exempted.

King said all signs suggested that investors from other parts of the world did not buy very many of the properties for sale in New Zealand. “It’s unlikely to have a large effect on the market.”

He said it might be fair to restrict buyers from countries where New Zealanders could not purchase but if New Zealanders could buy freely in one country, there was no need to curb that country’s investment behaviour in New Zealand.

“I don’t think it’s the be all and end all, or the king hit. First-home buyers are the biggest driver of house prices at the moment.”

In the year to March, 10,733 people had taken out their KiwiSaver savings to use as a deposit on a first home, he said. “In the same year ended March, there were also 11,000 extra property sales. The fact that they are so close shows that first-home buyers are having more of an effect on demand for property than foreign buyers.”

Tags: andrew king

Source: Landlords.co.nz

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