Rt Hon Winston Peters
New Zealand First Leader
25 November 2012
Foreign Ownership of NZ Homes Needs New Regulations
New Zealand First is proposing a new policy to limit speculation in residential properties by foreigners and foreign
companies unless they meet specific criteria.
Rt Hon Winston Peters says Auckland’s housing boom is fuelled by thousands of foreign investors buying properties and
making housing unaffordable for many New Zealanders.
“We aim to introduce restrictions on non-residents/non-citizens entering the New Zealand domestic housing market.
“The aim is to prevent foreign investors buying up our properties and taking the rental profit and capital gains
offshore.
“This pumps up property prices and effectively shuts the housing ownership door for many Kiwis.”
Mr Peters says there would be dispensations for people coming from countries in which New Zealanders can buy land under
the same conditions as locals.
“Work is already underway to flesh out the bones of the proposed policy which will be taken to our next party convention
to be ratified,” says Mr Peters.
ENDS