The number of overseas buyers purchasing New Zealand residential property continues to decline dramatically.
According to the latest home transfer figures from Statistics NZ, just 135 residential dwellings were purchased by people who were not New Zealand citizens or residents in the June quarter of this year.
That's down from 1116 in the June quarter of 2018, before restrictions on foreign buyers were introduced for residential property in October 2018.
The latest figures show purchases by foreign buyers were the second lowest of any quarter since Statistics NZ began compiling the figures in the June quarter of 2017.
The only time purchases by overseas buyers have been lower was in the June quarter of last year, when sales came to a virtual standstill for much of the quarter due to the COVID lockdown restrictions in place at the time.
In the 12 months to the end of June this year, 744 residential properties were purchased by foreign buyers.
That compares to 4017 properties purchased by foreign buyers in the 12 months to June 2018.
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The figures also show foreign owners are selling NZ residential properties at more than twice the rate at which they are buying them.
In the June quarter, 366 residential properties were sold by owners who were neither NZ citizens nor residents.
However Statistics NZ's foreign ownership figures are not comprehensive because they do not include transfers made through companies or most trust structures.
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