The Overseas Investment Amendment Bill was one of the first bills the Government said it would implement and this week it will likely become law

One of the Government’s most controversial pieces of legislation, which would limit foreign buyers from purchasing Kiwi homes, will likely become law this week.

The Overseas Investment Amendment (OIA) Bill has been making its way through the legislative process since December last year and will have its third and final reading in the House on Wednesday.

As it has the support of Labour, the Greens and New Zealand First it is very likely to become law.

National and ACT both oppose the legislation.

The Bill has been on the Government’s Order Paper – its list of the bills to be debated in Parliament – for several weeks and has slowly been making its way to the top.

When it becomes law, the Bill will limit the extent to which foreigners can buy houses in New Zealand and will give extra powers to the Overseas Investment Office to help enforce the rules.

Getting this bill submitted and on track to become law was on the top of the Government’s list in its “100-day plan.”

In fact, the introduction of the Bill was one of the first announcements made by the new Coalition Government, late last year.

“Foreign speculators will no longer be able to buy houses in New Zealand from early next year,” reads the first line of one of Prime Minister Jacinda Ardern’s first press releases on October 31 last year.

At the time, she said the legislation would take effect once it has been passed “in early 2018.”

The bill was intended to pass earlier in the year, as it needed to be in place before the The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.

But once the timeframe for the CPTPP was extended, the Government extended the process of the OIA Bill so to allow for a longer process.

The bill attracted hundreds of submissions when it was going through the select committee phase.

The New Zealand Institute of Economic Research said the Bill was a “poorly-designed solution to a poorly-defined problem,” while the NZ Initiative said there was “no evidence that has been put forward that establishes any plausible offsetting benefits,” of the Bill.

Even the IMF had a crack, saying the legislation is “unlikely” to have a significant impact on housing affordability.

After the bill had been picked apart and debated by MPs, the Finance and Expenditure Select Committee recommended some changes, including allowing overseas buyers to buy new apartments off the plans or to develop new homes.

The OIA Bill is tabled to be debated for the last time on Wednesday afternoon.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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125 Comments

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JUST DO IT ...............

The distortions in our property market due to the structure and mix of out taxes has prejudiced us for long enough .

Quite simply, we have the simplest least taxed property market on the planet , and its caused young folk to be locked out of home ownership

We have NO LAND TAX ( other than rates )
We have NO TRANSFER DUTY on property sales or purchases
We have NO CAPITAL TAXES
We have NO ESTATE DUTY
We have NO GIFTING TAXES
We have a free -open market currency , unlike China which manages its currency 100%
We have free remittance of interest , profits , rents and dividends
And it seems we dont even have a register of the nationality of those who have bought our houses

Little wonder foreigners are piling in here to make a quick buck

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The Chinese economic slowdown coupled with threats of a fully-blown trade war could see a serious amount of capital flowing out of China and into long-term assets in havens at least until global affairs start making sense again. Especially since monetary easing is back on the quick-fix list for China's central bank.

https://www.scmp.com/news/china/economy/article/2159297/china-warned-cur...

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Riding a dead horse. Insights from the Dakota Indians with reference to the markets. (in this case housing)

The tribal wisdom of the Dakota Indians, passed on from generation to generation, says that when you discover that you are riding a dead horse, the best strategy is to dismount.

In modern economies, however, a whole range of far more advanced strategies are often employed, such as:

1. Buying a stronger whip. (more debt at cheaper terms)

2. Changing riders. (Find someone else from abroad who has more money than you do)

3. Threatening the horse with termination.

4. Appointing a committee to study the horse.

5. Visiting other sites to see how others ride dead horses. (Follow suit and keep lowering interest rates)

6. Lowering the standards so that dead horses can be included. (Lend the young 7 times multiple of income rather than 4)

7. Re-classifying the dead horse as “living, impaired”.

8. Hiring outside contractors to ride the dead horse.

9. Harnessing several dead horses together to increase the speed. (Leverage on a few buy to lets)

10. Attempting to mount multiple dead horses in hopes that one of them will spring to life. (Buy some more in the hope that profits may come from somewhere to off-set losses elsewhere)

11. Providing additional funding and/or training to increase the dead horse’s performance. (Interest Only debt)

12. Doing a productivity study to see if lighter riders would improve the dead horse’s performance. (30 years terms rather than 25 and interest only debt)

13. Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead, and therefore contributes substantially more to the bottom line of the economy than do some other horses.

14. Re-writing the expected performance requirements for all horses.

15. Promoting the dead horse to a supervisory position.

16. Try and find a camel to fide instead.

Anyone watch the 'The Project' this evening. Interview with representative from NZ property federation was hilarious....... He was so against the ban on foreign buyers for half the interview and then suggested that even if it did come in it would have no effect.. It's well worth a watch just for the laugh!

Aside from Mark Richardson as the token ‘rightie’ that show is pure leftie so I don’t watch it. Why people go on it knowing that they are likely to be pilloried is beyond me.

Which adds to "do it" really.

Funniest thing I've read so far today. Great analogies. #7 is my fave.

that's garbage, Chinese banks won't lend, it's all risk and no reward.

https://www.bloomberg.com/news/articles/2018-08-12/china-faces-problem-i...

If the government impliments it in a week will know shortly (few months) its effect on the property market and also the debate about 3% foreign buyer or 30% will be put to rest.

If the Labour does impliment it this week will say, better late than never and it will prove many people wrong (Myself included) who thought that Labour is trying to delay the process.

Still wait and watch.

Not really, there are too many other factors influencing house prices to come to a clear conclusion.

Yeah their are other factors also but depending upon how the market reacts will know what the impact as had of the ban on the housing market over a period of time.

Too right! It is way to late to think that a single measure can fix up the mess that has been created. This must be done, but it is one of a host of things that need to be done to fix things up.

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Totally agree and negative gearing on property investment should also be withdrawn as a rort against the taxpayer and the youth of the country (who the babyboomers need to stay to pay for their pensions over the next 20 years), whilst they cream the tax advantages But doing too much at once really would collapse the market. First things first, withdraw the funny money and foreign speculation. Then deal with the tax avoidance to level the playing field. If the government pull of the first then the second should be an inevitability.

If you read on Steve Keen a 3% change can actually be a significant change and given you dont want to crash the market and cause a severe recession do one thing at a time and observe the results/impacts.

For all people say prices are too high we are now stuck with it best to make capital gains flat for a decade and make it obvious that is the intent then the speculators will also exit.

For markets such as Auckland, those exiting speculators are considerably more than 3%... the exiting speculators would have a rather significant influence on the market!

I need to go read the actual bill so that I understand it more detail than via the media provided synopses. Will it be "from this day forward" only, or will it mandate a divestment from current foreign ownership? I'm hoping for the latter, but have almost zero expectation of that being the case.

I'm predicting the One Roof headline next year... The fact that Palmerston North, and Eketahuna's house prices were unaffected by the foreign buyer ban ipso facto means Auckland's prices were also unaffected.

The average house price will remain the same in Auckland for years to come (people can still take out x amount for a mortgage based on y earnings) but all the houses will just slide down a bracket or 2. Everyone will get a better house for the same money, but the average purchase price will remain the same.

NzDan

So what you are implying is that the banks have never cared about the 'value' of the security against which they have leant, just that the loan has been made? I do tend to agree First Home Buyers should now be ignoring the 'hype;' at the bottom end of the market and look to make low offers on the middle market that is sticky and encourage those vendors trading up to pass a bigger haircut up the ladder! Equity evaporation on the horizon for those that bought in the last 4-5 years.

Nic

I’m just putting a little bit of illusion based optimism out there for the Auckland based spruikers.

Yes but despite this we don't have it any different to say, Sydney who has a lot of those issues you mentioned and are still in the same position.

Ultimately the lower quartile price is set by how much one can borrow from the bank based on their median income and how much they can afford to repay. This foreign buyer ban will only affect the higher priced suburbs such as Remuera and Grey Lynn but will not affect anything else.

The LVR restriction was a good attempt to subdue the problem but it has just created two classes of citizens, one who can afford a house and one who cannot.

Well said, Boatman. It's been a painfully long time coming.

Forget what we have : We have NEGATIVE GEARING

Can I have some of your money Boatman? Sounds like you love to give away your hard earned money. TAX TAX TAX.

Is it true that there is a carve out for property rented out for temporary occupancy e.g. Air BnB?

Ask Eco bird, he's got the Tarot Cards out. Otherwise you'll have to wait and see what gets passed like the rest of us.

LOL, have no cards Pragmatist, there are based on simple facts and observation many refuse to see ...and pieces of info many refuse to read.

Everyone knows that this Bill is useless, diluted, and full of holes, and there are many legal ways around it -- it is aimed specifically at some Chinese buyers who usually buy properties most NZers cannot afford.

I read some stupid analogy about how selling an expensive property in remuera to a chinese buyer could propagate 100 times all around NZ and inflate the market - No one bothered thinking what if the buyer was a Kiwi?

Most Chinese investors will still buy using relatives and friends already residing in the country, or through Trusts and companies based in Aus or Singapore ( which will be allowed) ...lol ... we just don't comprehend how these o/seas investors operate.

Let's wait for figures of the month after the bill is passed and see.

One thing is certain, in my view, the list of excuses as to why it didn't make a dent in the market is getting compiled as we speak, spin doctors are busy preparing for the worse and claiming victory before the battle even begins.

Property prices will still gently rise as we are having an early Spring and the stability of this market will continue until this CoL leaves office ( soon) ..:)

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No facts present, just your opinions. You'll have to wait and see like the rest of us.

Foreign Buyers ban kicking in, more news on Kiwibuild

Today's announcement comes ahead of the first limited release of three and four bedroom homes in Papakura. We'll let you know just as soon as they're ready to go to market.

And there will be plenty of time to put together your application, view the available KiwiBuild homes and make an informed decision about becoming a homeowner. The ballot for the first limited release of homes in Papakura will open in September.

Remember, this is the first ballot and KiwiBuild is a 10-year programme. More ballots will be announced as the programme scales up, and we'll give you enough time to organise your documentation.

Where and when will we see more homes?

Over the next decade, homes will be built across New Zealand to help meet the growing demand for affordable housing. The initial focus will be on areas with high housing demand and affordability pressures including Auckland, Wellington, Hamilton, Napier-Hastings, Queenstown-Lakes District, Tauranga, Whangarei District and Nelson-Tasman.

Bring it on.. long may the long slow decline of Auckland house prices continue :)

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......also erosion of Landlords rent pricing power.

Property prices 2 fall?

I think only an interest rate increase on new mortgages , could reduce the prices a bit. First home buyers are not really 'scared' or worried by the prospect of higher interest rate. Banks are playing it wisely, offering competitive rates on new mortgages...

Nic J's analogy of antelopes running for water is very apt !

they have already fallen slightly in Auckland...For more will have to wait and watch.

“will likely become law this week.”

However, I wonder what the effective date of the law will be in terms of implementation?

Pass the bill already, or at least put a stamp duty on foreign buyers .. do something lol. Also, while you're at it - make it illegal for property managers to charge tenants for advertising services incurred/requested by property owners.

It is not legal to charge tenants for advertising.(there is no provision for this in the RTA or amendments) Where have you heard of this happening?

It's called a letting fee .. the fee charged to 'let a property'. Obviously someone is paying the $199.00 [approximately?] to advertise a rental property on TradeMe ..

The owner is charged the Trademe fee by the property manager.

and how do you think the owner recoup costs?

It's a tax deductible expense. I don't know of any owner who has increased their rent to cover Trademe fees. Personally I review rent at the end of a tenancy and set asking at slightly under market rate, so the property doesn't sit empty. It is not like you can just add on $20 per week to cover a newly incurred expense. (you can try, and plenty of landlords do. However, after a month or so of sitting empty they must eventually come down to market rate for the area)

5 years ago a friend of mine got charged $700 for receiving the landlords phone number from the website hosting the house advertisement. Ticket clipping fee for no service!. It's daylight robbery. Something needs to be done about that.

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About time and it needs to be implemented immediately to not distort the market with a further rush. I remember in the UK when they announced the implementation of a further 3% surcharge on Stamp Duty Land Tax for second home buyers in Novemeber 2015 with a date to start of March 2016. What happened? Prices on buy to let stuff went up 10% in 4 months of panic purchasing and then subsequently became unsellable as the market collapsed after the implementation. Time to get on with it and give the market some certainty again.

"Even the IMF had a crack, saying the legislation is “unlikely” to have a significant impact on housing affordability."

Given that most of the 3% was in Auckland and in some areas recently being reported as 20% of sales going to foreigners, I cant see how this wont have a massive effect on the Auckland market.

About time! Good news for everyone.

A property in Howick/Botany which was marketed / selling in Mid 800s was grabbed by an overseas buyer (Fear that the ban is comming soon) for early 900s.

Atleat this will stop.

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Kudos to Labour & its coalition partners for standing firm on the OIA.
While in power National had brushed aside any concern that foreign buyers were churning the market , asserting it as a mere 3% .Now yelling another tune,notably led by an ex-PM ,that this 3% would plonk business confidence!!! Phew!!

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Hopefully any existing overseas owned property (owned before the ban) will come under the same rules thus stopping transfers as soft deals between parties and maybe even relatives if done properly.

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This is good news. If Mr Bridges comes out saying National will revoke this law that will consign them to another 3 years in opposition.

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I agree, what kiwi in their right mind would disagree with this law!!

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I was going to suggest Judith Collins but then noticed your caveat….

what kiwi in their right mind would disagree with this law

I'm a kiwi and I disagree with it. In my opinion it would be better to allow non-residents to purchase but with a 15% stamp duty applied (only for non-residents), then use that money to provide services at a lower tax burden on locals.

Maybe the 10% of kiwis who hold 40% of the country's mortgage debt would? But when only 1/3 of households have a mortgage 2/3 should find things a lot easier when not having to mortgage their future to compete with foreign cash. It's a win/win for all but the speculators. How big will the price adjustments be? We'll have to wait and see but people looking at the top end of the market are likely to see the largest reduction in competition so that is where the biggest correction will probably occur. That's likely to be where most of the remortgaging for buy to let has occurred too, so choices for those, sell the investment or downsize the house. Spring could see in influx of properties at both ends of the market.. The middle market is already heavily mortgaged and sellers may find themselves stuck for the time being.

Good assessment. Does that 10/40 ratio include farm debt? Or are you talking residential mortgages only?

That's just residential debt but I do believe that many in the agricultural sector will have also overpaid with debt on land to compete with foreign cash. The fact that Fonterra can't seem to work a return for shareholders would suggest to me that the overleverage in the farming sector could be just as prevalent.

I

Agreed..national won't look good speaking out against this...the tide has turned (but remember it's only affecting 3% according to national)..

The 3% is a national figure whereas the percentage for Auckland is 20% for the same number of sales, and most of the foreign-buyers are buying in Auckland. Calculating the percentage of Auckland sales over the whole of the country was always intended to minimise the result

Great news. Of course there will be some doom and gloom merchants who see this as the beginning of the end

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It appears that the Coalition is very close to doing the impossible – isn’t that how National previously described the task.

Fair to say it will bring us into line with most other countries along with the 5 year brightline test. However like all these things if it was the silver bullet it never fixed any other countries housing issues.

Unless you're in Queenstown or a select few central Auckland suburbs, this is going to have no impact whatsoever.

Also, Australians, who aren't affected by the ban, aren't far off the Chinese in terms of number of NZ homes purchased.

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Thanks for your insightful comment. .

But still adds no value AS USUAL

I'm surprised you aren't too embarrassed to post with a username like that. Almost immediately after you created it 8 years ago, property prices started to skyrocket and have now close to doubled. I honestly couldn't be that wrong about something if I tried.

That and "Houses Overpriced". If he thought they were Over Priced 7 years ago, I wonder what he thinks now!

Sad and funny at the same time. And 'Zombie ponzi' - 5 years ago.

Awarded best name on interest.co.nz 3 or maybe 4 years running.

He keeps thinking it will go back to 2002 prices.. or at least he hopes..lol

No doubt they're stocking up on canned food, candles and drinking water for when the economic apocalypse arrives.

Rest in peace - foreign buyers

Care to enlighten me with your prediction of what this ban will do to the Auckland median property price in the 3 months after it comes into effect?

BuyLowSellHigh, with or without the ban, the sales downtrend trend has already kick started here in Auckland; https://www.interest.co.nz/property/95114/reinz-report-says-sales-millio...

Upper quartile price weakness is next. Are you allowed to view gloomy economic forecasts in sunny Papamoa or is it controlled by censorship?

These graphs are a more accurate representation of the "trend" https://www.interest.co.nz/charts/real-estate/median-price-reinz

Auckland looking very flat.

The peak was 2016/17, flat until 2021/22.

BuyLowSellHigh, between now and 2020, what do you believe is the % chance we will experience another GFC?

15.25% chance there will be another GFC before 2020.

In another GFC, prices would probably drop by up to 10%, and then recover a few years after, similar to what we saw during the last one. All indicators are that this slowdown is simply part of the normal cycle - I think we're at 5 o'clock(ish).

BuyLowSellHigh, knowing that interest rate stimulus buffers are spent globally, what conventional/unconventional tools will Central Banks deploy to foster this quick recovery and to dissolve the epic levels of global leverage there is and so quickly? Keep in mind China is our biggest trading partner and then Australia. There are some pretty big cracks starting to appear.

Are you talking spontaneous debt forgiveness on an epic scale or what? Sounds pretty awesome!

Toolkit is very limited. Would be challenging, I don't think anyone would deny that. I'm not going to speculate, but there are other other measures available and the interest rate buffer isn't entirely spent globally.

As you know, major superpowers are now arguing over trade. With such cooperation lacking, if another crisis breaks out, it seems more likely to be more like a race to the bottom with "beggar thy neighbour" policies. I think a longer slump than anticipated seems more plausible than it did a year ago. This aside, I think a very prolonged period of flat prices (say ten years) is a best scenario outcome. Despite any gloomy conclusions you've come to about my comments, I do hope it's the latter!

Good grief, I wish you'd cheer up man, you're like a black hole of worry and misery. Why the consistent focus on the worst possible scenario instead of taking a balanced view of things?

BuyLowSellHigh translated "this scenario is beyond my intellectual abilities. I cannot comprehend it"

You're a complete fool if you think the RBNZ are not already considering the same scenarios when discussing the expansion of their toolkit. Should they move their HQ to sunny Papamoa too ;-)

It’s RBNZ’s job to be prepared for all eventualities as best they can. This doesn’t mean that economic Armageddon is on our doorstep as you’ve convinced yourself.

And yes, everyone should move to sunny Papamoa.

...yes true, the RBNZ also said something like "the chances of needing unconventional tools are the highest in history" Nope, I'm certainly not convinced it's inevitable but, it's more probable than a year ago.

Just as an observation. Like a few other resident property bulls, you seem to have a myopic self entitlement to financial success.

Good luck Sunshine.

Patience is a virtue.

Results will be the answer

Patience is obviously a virtue of yours, even if market savvy isn’t - 8 years and still waiting for property prices to fall.

Would have been a third of the way through paying off a house if he hadn’t procrastinated.

There is no satisfaction without action. If it was me I’d change the moniker. Same for Houses Overpriced who seems to have gone AWOL.

I don’t know, I think it’s quite nice seeing HO & Co comment on here. I barely even read the content of their posts I just read their screen name, chuckle and scroll on by. I hope they don’t create a new handle.

NZdan.

Rule of thumb, that most people fail to realise is that with a 25 year term only 10% of the debt gets paid in the first five years...lots of rent gets paid to the bank in interest, but not much capital. So if you think prices will fall by more than 10% in the next 5 years, I'll put it out there and say that I believe they will fall further than that, then you are as good renting as buying at present and if you think they will fall further then there is no way you want to be buying until they have.

NB. most first home buyers take on 30 year mortgages as well so in first five years are probably only paying back 6-7% of capital..... It's a very clever ruse by the banks that most people don't get because maths education is so poor.... even the brokers seem oblivious or complicit.

You are quite paranoid about the market falling and hence lashing out at everyone. Signs of a over leveraged person.. which means you haven't done what you named yourself. Such a plight

Perhaps it may have no direct impact on many areas of the country – but indirectly it may well do.

Oh , No, no one wants to hear that BLSH... you are spoiling the party....let the guys have some fun ...after all, who cares about hangover when they are binge drinking ...:)

Eco Bird, to your credit, your bile is of a consistent quality ;-)

Yes mate , not your cuppa I know ... lol

But, should try it some time ...it might help dissolve the blockages that you are suffering from ...:)

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Yay. Hope they keep a team post implementation looking for bypass transactions. Seize the asset and fine parties involved. Perhaps a 3 strike law for lawyers, RE Agents and accountants acting on behalf, 3 strikes amd your registration to operate is perminantly terminated.

Agree Nat promising to undo this will see them stay in opposition. For middle class working people this is the number 1 political football. Labour, NZF, Green scoring a home run here.

A 3 strike for lawyers?

How about a 1 strike? They are in such a privileged position they should know better.

I think you are wrong on all counts - you don't really know who votes for National ...and revoking of a useless bill will hardly be a problem.

In fact you will be surprised who will vote for National after the fiasco of this CoLs is over .

What fiasco Eco Bird - I haven't seen a complete failure, let alone in a ludicrous or humiliating fashion. I think you're being a bit hyperbolic their mate.

Could happen though.

I challenge all Labour, NZF, and Green voters and supporters to SELL their Residential Investment Properties TODAY if they are real believers in supporting the Holy cause of bringing property prices down and supporting the FHBs.

Come on, flood the market and put your money where your mouth is !!

Let's Do this !!! :) ... if you dare!

I also challenge ALL the DGMs and the likes here to talk their Parents, Friends, and relatives to do the same ...come on ...go out and do it instead of endlessly Barking here and elsewhere everyday.

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ha-ha :),...now your getting real desperate. Either your target group have already sold or don't need too. The writing has been on the wall for some time now. Maybe your conscience is warning you that it's now time to abandoned your prized but flightless recovery.

No , I am challenging your mates to come clean and practice what they preach ... I will be there buying what they SELL if they cause a market distress - but I want to see the hypocrites cough out and show their true colors.

Funny that your understanding of a simple challenge is so impaired RP !!

Thanks for throwing out the challenge, will help property prices 2 fall

True enough if they are so bearish on property get out of it good entertaining call there Eco Bird !

Entertaining? I was going to call the nurse to get more meds, completely unhinged.

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Most just need a house for basic shelter, not an investment ponzi hence nothing to sell.

The issue is about returning NZ to a model where kiwis can access the basic need of shelter at a price that can be supported in the NZ domestic economy. The model of being enslaved by debt stacking property owning kiwis following the "I must offset tax seminar" model, and International money hiders was very clearly voted down at the last election.

Instead I challenge you! ............Buy up, leverage up, put the seminar music on loud -"it can only go up!!!!".

Look forward to you hearing how it goes.

We need to go further than this. I support a land tax. If you look at the reaction of people like Retired Poppy to the prospect of one, you know it’s going to work because it will squeeze them out of houses more suited to young working people.

Ex Expat, nice try buddy ;-). I challenge you put up a link to the alleged comment/s where I've supposedly discussed this. Making false claims to support your narrative is pretty desperate don't you think?

For the record, I've never discussed Land Tax with anyone on here - until right now.

The term "Doom and Gloom Merchant" (DGM) is used by ignorant people that don't understand wealth is transferred not destroyed.

Don't you know all the kool kids use the term 'spreading FUD' - you're living in the past Grandpa .

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This government is certainly getting things done. Unlike the previous government who did nothing in this area. Another three years at least.

Why would National go to the bother of opposing this legislation? If they truly believe the 3% figure then their position on this should be affected indifference?

It's an ugly bit of legislation, but something needs to be done and at least it sends a signal. Mind you, when I heard that the IMF don't like it, I started to feel much warmer towards it. They do seem to have become an enforcer of debt bondage for all.

Now if only the ban was done properly.

i.e. must be a citizen to buy a residential property.

or if I am nice. PRs can buy, but with x% stamp duty.

Many many permanent residents live in NZ for years and can't take up NZ citizenship because of restriction on their existing citizenship laws.. so why outcast them?

Existing citizenship laws? you mean they aren't allowed to hold dual citizenship in their country of birth.

Hardly the NZ House buyers concern.

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so it is more important to hold onto your existing citizenship than take up one of the country you want to live in.
sounds very much like wants my cake and eats his too.
with that attitude i now agree with only NZ citizens should be able to own land in NZ.
and if you dont want to become a citizen, so you are not in for the long haul then rent or lease for your stay

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Not a fan of "foot in each camp types", renounce the old citizenship and become a NZer.. or accept that you aren't really a NZer.

Yep. Better still if you want to own NZ you have to advise your global pre tax income in NZ for its review and submission to company and personal tax in NZ. If not...leasehold only.

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This will be another nail in the coffin for neo-liberalism in NZ.
Unlike NZ, almost all of the world never bought into it in such a big way.

Dp

Still will wait and watch till is passed. Also will it be implimented with immediate affect or will government give time to speculators / foreign buyers. A window to rush and buy.

If not implimented with immediate affect will be a big boom for all real estate agent for that time.

If the foreign buyers are very small percentage and will not effect THAN why are they worried is a Question that should be asked

https://www.newshub.co.nz/home/politics/2018/04/opinion-why-the-ban-on-f...

Caught in their own argument.

If you are worried means will have impact or why else will you be upset. This itself proof that ban is a right step.

Trying to put pressure on government. Last ditch efforts.

If you are going to start SHOUTING words, could you please learn the difference between then and than.

Shouting in broken English, hard to tell exactly what message he’s trying to get across.

Got the message - Important :)

Don't worry we struggle to get nzdans messages too, most of the times they are confusing

And as for that eejit Seymour, trying to spook the horses by saying that banning foreign buyers would turn us into North Korea.

If we are turning into N.Korea, one big plus is we definitely have a better looking Dear Leader.. not another fatso.

It can only go up maaaate, they're not building any more maaaate, interest only cant go wrong maaaate ...close sarc

National are fighting this hard tonight, it is amazing to me why they favour a foreign buyer over a NZ buyer,
it smells so much of old boys network protection