Kiwis still in the dark over non-resident housing speculators

Data released today by LINZ gives no real insight into the influence of non-resident foreign speculators on the New Zealand housing market, the Green Party said today.

“By LINZ’s own admission, this is nowhere near the full picture on how many non-resident foreign buyers are snapping up properties in New Zealand,” said Green Party Co-leader Metiria Turei.

“New Zealanders desperately need the Government to collect definitive information on the number of non-resident foreign housing speculators operating in New Zealand, and the Government has let us down.

“LINZ has admitted that this data is far from perfect. Businesses, trusts, and some student and work visas are exempt – that’s a whole lot of missing data.

“John Key has been denying for years that non-resident foreign speculators are a problem, while house prices have gone up and up.

“This is a critically important issue for young New Zealanders who are being locked out of home ownership.

“This incomplete data seemingly suits the Government, but it’s going to make New Zealanders even more frustrated because it feels like we’re still in the dark over this issue.

“The reality is that any house sold to a non-resident foreign speculator is a house that a New Zealander can’t buy.

“If the Government was on the side of New Zealanders trying to buy their first home, it would ban non-residents from buying here – it’s as simple as that.

“The Government also needs to remove the tax incentives that make New Zealand housing such an appealing prospect for speculators.

“A full capital gains tax, on every property but the family home, and a ban on non-resident foreign buyers (with a sunset clause, if needed) are essential to helping ease the affordable housing crisis,” said Mrs Turei.

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