{"id":8335,"date":"2017-12-13T10:15:40","date_gmt":"2017-12-13T10:15:40","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=8335"},"modified":"2023-10-05T15:33:26","modified_gmt":"2023-10-05T14:33:26","slug":"new-zealand-rule-shakeup-foreign-buyers-house-sales","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/12\/13\/new-zealand-rule-shakeup-foreign-buyers-house-sales\/","title":{"rendered":"New Zealand’s rule shakeup for foreign buyers ‘won’t affect house sales’"},"content":{"rendered":"

In a bid to tackle a chronic housing shortage and homelessness among citizens, New Zealand has proposed a ban on foreigners buying existing homes.<\/strong><\/p>\n

Alongside the ban, the proposals include building 100,000 affordable homes, preventing sell-offs of state housing, and offering more funding to ease homelessness. Housing speculators selling properties within five years of purchasing them could also see a new tax<\/a> imposed.<\/p>\n

But according to research from the Real Estate Institute of New Zealand (REINZ), the upcoming ban on overseas buyers purchasing property in New Zealand is expected to have a minimal impact on sales.<\/p>\n

A survey recently undertaken by REINZ revealed that, currently, only a minority (3.8%) of buyers are from abroad.<\/p>\n

REINZ chief executive Bindi Norwell said: “Ahead of the government\u2019s upcoming foreign buyer ban, we were interested to understand exactly what percentage of residential sales were made to international buyers<\/a> as there is minimal data available.”<\/p>\n

Norwell added: “Our survey indicates that only a small number of sales are made to buyers from offshore \u2013 the clear majority of sales are made to locals (63.9%) and those from other towns or cities from within New Zealand (29.8%).”<\/p>\n

Following Australia’s lead<\/h4>\n

New Zealand housing minister Phil Twyford said when Australia<\/a> banned investors buying existing homes, $30bn was poured into new housing.<\/p>\n

Twyford added that he hoped the same would happen in New Zealand, as the new regulations would still allow investment in new-build homes.<\/p>\n

Economist Shamubeel Eaqub said that similar legislation in Australia helped create a building boom in Melbourne<\/a> that had cooled the market.<\/p>\n

“For New Zealand I think it makes sense for us to follow because we simply can’t keep up with population growth and demand growth<\/a>, and taking away a little bit of demand at the margin will help, but this is not going to be the panacea,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a bid to tackle a chronic housing shortage and homelessness among citizens, New Zealand has proposed a ban on foreigners buying existing homes. Alongside the ban, the proposals include building 100,000 affordable homes, preventing sell-offs of state housing, and offering more funding to ease homelessness. Housing speculators selling properties within five years of purchasing… Read more »<\/a><\/p>\n","protected":false},"author":1955,"featured_media":8344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[141],"tags":[244,341,345],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/8335"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1955"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=8335"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/8335\/revisions"}],"predecessor-version":[{"id":6097050,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/8335\/revisions\/6097050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/8344"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=8335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=8335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=8335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}