Latest Market Statistics
Read Now

Foreigners are snapping up New Zealand homes while they can

By Ellie Stevenson

Foreign investors are racing to buy New Zealand homes before rules that limit overseas sales are enshrined in law.

In the South Island resort town of Queenstown, about 10 per cent of home transfers in the first quarter were to people without New Zealand citizenship or a resident visa, Statistics New Zealand said Thursday. That’s almost double the share of the previous three months.

In Auckland the proportion rose for a second-straight quarter, climbing as high as 19 per cent in some suburbs of the nation’s biggest city.

The government came to power late last year pledging to tackle a housing affordability crisis with a raft of measures, including a ban on foreign speculators buying residential property. Its proposals are passing through Parliament and are yet to become law.

“Consultation about amendments to the Overseas Investment Act may have been a factor in recent increases in the proportion of transfers to non-New Zealand citizens and residents,” Melissa McKenzie, property statistics manager at Statistics New Zealand, said in a statement.

The Business Times – 7th June 2018

Read More

Up to Date

Latest News

  • How to Find The Best Investment Properties

    Despite the recent real estate woes, real estate is still a good investment strategy when it’s part of a diversified portfolio. And investing in real estate can be fun! There’s a bit of an art and a science to finding the best investment properties. You’ll need time to research, a … Read more

    Read Full Post

  • Making Your New House a Home

    The process of looking for a new home for yourself and/or your family is sometimes excruciatingly emotional – and always tiring. After you sign on the dotted line and the house is yours, it’s time to be happy and feel settled, even if there are still boxes stacked to the … Read more

    Read Full Post