Housing and Urban Development Minister expects the ban to be passed into law early next year; will ensure house prices are set by NZ-based buyers, not people from overseas

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By David Hargreaves

The Government’s still going full speed ahead to get a ban on offshore based buyers of existing New Zealand houses in place by early next year.

And the Government says its move will ensure that house prices are set by New Zealand-based buyers, not international buyers.

Legislation to ban overseas speculators from buying New Zealand homes is to be introduced into Parliament on Thursday (14th) the Housing and Urban Development Minister Phil Twyford and Land Information Minister Eugenie Sage say.

The move was a key plank in the new Government’s 100 Day Plan.

While the previous Government had stated it wasn’t possible to do such a ban, the Government announced at the end of October that it had found a way of implementing such a ban – by categorising residential housing as “sensitive” under the Overseas Investment Act.

House buying by offshore-based buyers has been a hugely contentious issue – not least because there has been inadequate information on just how many people from offshore have been buying houses.

Sage says the legislation being introduced means for practical purposes, that foreign buyers will not be able to………….

Continue reading this article at the original source from Interest.co.nz




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