The new government is moving briskly towards accomplishing one of the key election promises of banning foreign speculators in Housing Market.
Prime Minister Jacinda Ardern want to introduce legislation by Christmas so as to ban foreign buyers from buying property in New Zealand from early next year.
“Foreign speculators will no longer be able to buy houses in New Zealand from early next year,” Prime Minister Jacinda Ardern said
“We are determined to make it easier for Kiwis to buy their first home so we are stopping foreign speculators buying houses and driving up prices. Kiwis should not be outbid like this.
“That is why we are introducing an amendment to the Overseas Investment Act to classify residential housing as “sensitive”.
This means non-residents or non-citizens cannot purchase existing residential dwellings. Australians will be exempt as New Zealanders are in Australia.
“We expect legislation to be introduced before Christmas and take effect immediately once passed early in 2018," Ms Ardern said.