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Greens seek action on offshore home buyers

Friday 15 Mar 2013 9:41 a.m.

A survey showing about one in 10 properties are purchased by offshore investors has prompted the Greens to say it's time to deal with foreign speculators.

Co-leader Russel Norman is citing the BNZ-REINZ March survey which shows around nine per cent of house sales are going to offshore buyers nationwide while in Auckland the figure is 11 percent.

"Overseas investors buying up houses is great news for banks and real estate agents, but it's terrible for New Zealand home buyers in an already tight market," he said.

"Our weak overseas investment laws mean New Zealand is a good place to pick up a bargain."

Dr Norman says the Government should look at other jurisdictions like Hong Kong, which has imposed a 15 percent tax on foreign buyers of residential property.

"The fact that New Zealand's already tight housing market is becoming a magnet for overseas investors should be of great concern to any New Zealand government," he said.


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