On the 22nd of October 2018 we banned the sale of homes to foreign buyers.
Stats NZ released data that shows that it’s working, with property sales to foreign buyers falling by 81% in the March 2019 quarter compared to the year before.
This is a big win for New Zealanders.
Foreigners bought 204 homes in the first three months of this year compared to 1083 at the start of last year, representing 0.6% of total house sales compared to 3.3%.
This means more homes for New Zealand buyers, and retention of Kiwi ownership of our housing stock.
Since we implemented the ban in October last year, house sales to foreign residents has dropped considerably.
Keeping New Zealand land, housing and strategic assets in Kiwis hands is a core New Zealand First value.
But there is more work to be done.
The next tranche of Overseas Investment Act reforms will focus on overseas investments in significant business assets.
We need to ensure we attract productive investment in our economy while looking at where we draw the line as to what constitutes a New Zealand owned or controlled company.
We’re also working toward a comprehensive register of foreign-owned land and housing so we know exactly how much of New Zealand is owned overseas.
We’re happy that our policies are working, and with your support we can get more done.