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  • Ardern: Foreign speculators house ban

    From scoop.co.nz

    Foreign speculators will no longer be able to buy houses in New Zealand from early next year, says Prime Minister Jacinda Ardern. “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 ... (full story)

Good NZD
While most nations are craving for more foreign direct investments, NZD is blocking capital inflow. I don't get, not sure it's good for Kiwi
Quoting kongrit1416
Good NZD
BAD for NZD.
BAD for NZ house prices
Good if you're a local buyer
Will the banks lend in a falling market ?
Ever heard off a socialist bureaucrat taking a pay cut to further the cause.Feel sorry for the average working peasant who has to pay for the massive salaries.
Only answer is more tax Comrade,best to have a committee meeting.
The turds will be flying around when the socialists have to tell the Nation there is no money for a wage increase.
LOLz, ..... seems the Kiwis are afraid of imported inflation ...... sounds populist to me, but who am I to challenge populism? .... in details ....
  • Comment #6
  • Quote
  • Edited Nov 1, 2017 5:23am Oct 31, 2017 6:27am | Edited Nov 1, 2017 5:23am
Quoting Bull n Bear
While most nations are craving for more foreign direct investments, NZD is blocking capital inflow. I don't get, not sure it's good for Kiwi
Taiwan did the same. The Chinese were buying property and pushed housing costs way out of the reach of local residents. Housing prices have since been gently declining for a few years.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  •  Guest
  • | IP XXX.XXX.38.159
Kiwis will need to sell more milk to buy iphone.
Quoting Guest
Kiwis will need to sell more milk to buy iphone.

people leave, but this thread will go on for ever
  •  Guest
  • | IP XX.XXX.98.127
Some of you don't read well , the restriction is for residential only . Don`t see how this will effect trade/business in any manner . I have lived in NZ and owned a house there and witnessed bus loads of Chinese being driven around neighborhoods by agents buying everything with a for sale sign . Many of these properties were not occupied . Its just flight of capital from China , same happened in Canada , US and no doubt Australia . If you lived in one of these cities and realized your kids would never be able to buy a home your opinion might change
  •  Guest
  • | IP X.XX.38.232
New luxury apartments in London are mostly empty - bought by foreign investors and they're happy just to know their money is safe, and rising, so don't even rent them out!
Ordinary working people have been and are being 'economically cleansed' from the capital, and other cities in the UK. What does our Conservative government do about it? - You guessed it.
We need a sea change in understanding what 'residential' means.
Quoting Guest
New luxury apartments in London are mostly empty - bought by foreign investors and they're happy just to know their money is safe, and rising, so don't even rent them out! Ordinary working people have been and are being 'economically cleansed' from the capital, and other cities in the UK. What does our Conservative government do about it? - You guessed it. We need a sea change in understanding what 'residential' means.
Very much same in Canada. Canadian housing market in large cities such as Toronto and Vancouver are up to roof. people can not take it anymore. the rents are gone up to, while min wadge in cities such as Vancouver is almost $11/h. (you will need min $15/h to live there)
You will see the crash soon. they like it or not. the pressure is building up on people and you can see no one is happy. Private investors source of money is not clear. Canada has become heaven for dirty monies. you can check Vancouver Sun newspaper article early this month. Dirty money from drug cartels go through casino and then send to 600 banks in China and Iran. (330 million last year only in case in Vancouver) imagine how much is injected into housing!!

It is a good news for NZ people. I hope Canada wakes up and find a right solution soon.
Quoting Bull n Bear
While most nations are craving for more foreign direct investments, NZD is blocking capital inflow. I don't get, not sure it's good for Kiwi
So far this is a very good move. The same happened in Fiji and helped the locals to buy a house. Mostly the buyers are from China and they don't live in the NZ property. Also because they just buy and don't live in it they don't buy things from local markets and don't have all the bills kiwis have and don't pay taxes so the money will end up be return to their countries instead staying in NZ. This is a great move.
Quoting lasty
{quote} BAD for NZD. BAD for NZ house prices Good if you're a local buyer Will the banks lend in a falling market ?
I think you get all wrong. It is not affect much the NZD and it is not bad for the house pricing. Actually it is good because the prices will drop a bit and the locals will be able to buy. Also the banks will continue to lend money so there will be no falling market. Check other countries who did the same and see if your predictions are right.
Quoting mmforexinfo
{quote} I think you get all wrong. It is not affect much the NZD and it is not bad for the house pricing. Actually it is good because the prices will drop a bit and the locals will be able to buy. Also the banks will continue to lend money so there will be no falling market. Check other countries who did the same and see if your predictions are right.
Banks dont lend in a falling asset environment
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  • | IP XX.XX.14.90
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  • Story Stats
  • Posted: Oct 30, 2017 11:24pm
  • Submitted by:
     Newsstand
    Category: Medium Impact Breaking News
    Comments: 14  /  Views: 4,298