Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Prime Minister Jacinda Ardern campaigned before September's election on a promise to clamp down on house price growth and reduce high rates of homelessness, in part by banning foreign buyers.
Yet it excludes people from Australia and Singapore not living in New Zealand to buy homes there. Yet the ban for most foreigners, will it result in more affordable housing prices for New Zealanders?
I think all countries should ban foreign home ownership unless you are a resident in the country. I don't know why NZ made an exception for Singapore. Australia makes a bit more sense because there is free movement of people with certain conditions from what I understand. It won't totally solve the problem of over inflated housing but will sure help to ease housing prices in the long run along with other measures.
I think all countries should ban foreign home ownership unless you are a resident in the country. I don't know why NZ made an exception for Singapore. Australia makes a bit more sense because there is free movement of people with certain conditions from what I understand. It won't totally solve the problem of over inflated housing but will sure help to ease housing prices in the long run along with other measures.
Singapore has a free trade agreement with New Zealand. That is why this is so.
Well it not surprising with NZ platform since the Prime minister stated this was her policy prior to the federal election. Hope the Australian Labor counterpart adapts a similar platform.
Great news. New Zealand being probably being even more impacted, (if that is possible) due to lower wages and high house prices. I believe I read more 'affordable houses' to be built as well.
If house prices became more reflective of the reality of New Zealand, I mean decline in inflated values, I could well see New Zealand being more of an attractive country to live than Australia.
Two visits to Auckland last year though, suggested that city has very far to go to become affordable.
The new policy is definitely on the right track though and good on the 'new' government for taking action.
Mexico is a country that prohibits foreigners from owning property, but that hasn't stopped the more than 1 million Americans that retire there. I haven't checked, but I'm willing to bet the areas where those people congregate the most probably have high rental rates compared to traditional Mexican areas.
Plenty of countries restrict foreign exploitation of the home market. China doesn't allow it at all. A big retirement country, Thailand only allows up to 49% of condominiums to be in foreign hands. One cannot own Thai land.
It's how it should be. Locals should/must have first bite of the cherry.
Australia/London are examples of locations where the laundering of ill gained money has run rampant on the property markets making it near impossible/very difficult at huge cost for locals to compete.
New Zealand had the same under the former conservative government. Again well done New Zealand in taking this baby step. More work to be done. Pay attention Australia.
Plenty of countries restrict foreign exploitation of the home market. China doesn't allow it at all. A big retirement country, Thailand only allows up to 49% of condominiums to be in foreign hands. One cannot own Thai land.
It's how it should be. Locals should/must have first bite of the cherry.
Australia/London are examples of locations where the laundering of ill gained money has run rampant on the property markets making it near impossible/very difficult at huge cost for locals to compete.
New Zealand had the same under the former conservative government. Again well done New Zealand in taking this baby step. More work to be done. Pay attention Australia.
You do realise the new law brings NZ into line with foreign property restrictions in Australia?
You do realise the new law brings NZ into line with foreign property restrictions in Australia?
Haha, you beat me to it. Looks like NZ was paying attention but not the posters here.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
