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The Russian Hare

New Zealand to limit foreign house buyers

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WELLINGTON: New Zealand Prime Minister Jacinda Ardern said on Tuesday a ban on foreigners buying existing homes would begin in early 2018, but the restrictions would not apply to Australians.

Ardern campaigned in the recent New Zealand election to restrict foreign buyers to reduce demand, while the country tackles what her Labour party says is a housing crisis left unresolved by the previous National administration.

“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,” said Ardern in an emailed statement, using the colloquial term for New Zealanders.

The politically sensitive housing crunch has seen prices rise more than 50 per cent nationally in the last decade. In the city of Auckland, prices have almost doubled in that period. The central bank sees fast-rising prices as a major economic risk.

 

http://gulfnews.com/news/oceania/new-zealand-pm-says-ban-on-foreign-home-buyers-to-start-in-early-2018-1.2116140

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good thing, foreign people buying leads to higher prices. 

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Yep, and definitely not unreasonable with the amount of extremely wealthy people in some countries who could seemingly buy up neighborhoods without a second thought. 

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that is a racist thing to do.

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4 hours ago, aztek said:

that is a racist thing to do.

I can just imagine the uproar on these pages if the US were to do something similar....

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I think it is their business if they want to reserve housing for their own, it makes sense for any country to prioritize its citizens first

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On 11/1/2017 at 1:19 AM, Timonthy said:

Yep, and definitely not unreasonable with the amount of extremely wealthy people in some countries who could seemingly buy up neighborhoods without a second thought. 

That's exactly what happened. The housing market became unaffordable because properties where being marketed overseas as rental investments.  Whole neighborhoods where purchased by people who dont live here and rented back to the people who do live here at prices beyond an affordable living rate. Basically a monopoly on rental  housing was sold to people who did not have to worry about the cost of living and working in  New Zealand.

6 hours ago, aztek said:

that is a racist thing to do.

Ummm no it is not. You can purchase a home in New Zealand no matter what your race is. But the Labour government is putting a holt on foreign investment en-mass, equally,  no matter what your race is. 

But it's been lovely to make the news.

Oh and I didn't even touch on how the free foreign investment policy created generations of working poor families who had to live in Garages, motels and cars. Two parent, working families.

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2 hours ago, .ZZ. said:

I can just imagine the uproar on these pages if the US were to do something similar....

What's is the current policy in America on foreign investment home ownership?

I had a look into it. It appears Foriegn property investors in America have to pay a higher taxes rate and down payment to invest. 

In New Zealand if you wanted to purchase a home as foriegn investment there was no gratuity tax, and down payment was 10% with average  housing 8 years ago sitting under $400,000. A low Kiwi dollar and unlimited potential on what you could charge for rent it very quickly became a free for all.

Time to make it harder for foriegn investors to become our absentee landlords. Perhaps they will move on to easier places to invest in. And our children won't have to work 3 jobs to afford to rent someone's garage.

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Good job, kiwies, don't let rats infest your land (no sarcasm).

Kudos:clap:

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According to Page Six, New Zealand’s overseas investment regulator is looking into the allegations made against Lauer, as part of a review of his purchase of a large South Island farm.

That's because foreign investors need to be of "good character", according to the country's Overseas Investment Office, which confirmed it was seeking further information on Lauer.

Lisa Barrett, deputy chief executive of policy and overseas Investment, confirmed the “good character” investigation following Lauer’s removal from NBC News, saying: “A condition of the consent granted to Orange Lakes Ltd to purchase the lease for Hunter Valley Station is that the individuals with control of that company must continue to be of good character.”

The key word being continue.

 

so at any time a gvmnt official may decide you no longer of good character, and seize your property, as an investor this is a deal beaker, but maybe that is the plan,  i can see rappers and other rich trouble makers pass up on buying property there.  very good move NZ.

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Not quite. Government can not seize Lauer's land

and I think you may find the loop hole was put in to help our Allies find those people who have laundered money, and escaped paying for their taxes. To stop those financial criminals, investing, and hiding in New Zealand. It gives us recourse to send them back to face justice. eg:Dot Com

 

But keep trying. 

 

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This is a good idea. I really wish Canada would do a similar thing. I have no issue with anyone at all coming here and becoming a citizen. We have plenty of room, and will welcome you! But I don't like the frequency that rich foreigners buy property and therefore raising prices. Americans and Chinese nationals are the largest offenders. I dislike it, as I'd like to own a home on my island someday.

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That is exactly the problem Podo. Anyone can purchase a house to live in over here, but before you could purchase as many as you wanted and not live here at all. 

Money came into the economy from the sale of the houses, so the previous government let it happen, unfortunately the flow of rental income left the country. Landlords didn't care about tenants, land bankers left empty homes to rot, and now more money will leave the country as the foreigners cash up. 

Our housing market should start to level out price wise, but our inflation will increase and we don't have enough houses or trades people to accommodate our population growth. Rents will increase and wages will need to too. Money needs to be generated to counter act our losses. New taxes will come, ( my husband and I will be the tax bracket and investors hit the hardest) but I don't mind if it improves people's health, education and life in general.

 

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18 hours ago, Kismit said:

That is exactly the problem Podo. Anyone can purchase a house to live in over here, but before you could purchase as many as you wanted and not live here at all. 

Money came into the economy from the sale of the houses, so the previous government let it happen, unfortunately the flow of rental income left the country. Landlords didn't care about tenants, land bankers left empty homes to rot, and now more money will leave the country as the foreigners cash up. 

Our housing market should start to level out price wise, but our inflation will increase and we don't have enough houses or trades people to accommodate our population growth. Rents will increase and wages will need to too. Money needs to be generated to counter act our losses. New taxes will come, ( my husband and I will be the tax bracket and investors hit the hardest) but I don't mind if it improves people's health, education and life in general.

This is a great attitude! I wish more people shared it.

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11 minutes ago, Podo said:

This is a great attitude! I wish more people shared it.

Tax isn't a financial loss, if it is reinvested back into the country you live in properly.  It's just hard to see it that way when a third of your hard earned money is taken away, and the cost of raising a family is so high.

It is very difficult for a lot of families all over the Western world and I can see why they would like  tax breaks.

My husband and I have been very fortunate in life. We  work very hard and take calculated financial risks, and we have a healthy investment portfolio with low living costs. We can afford to help keep Doctors and Schools affordable. 

We make our money from property investment, so a cooler market will hit our capital gains and the introduction of a capital gains tax will cost us at point of sale. 

It will cut our profit margins but it won't bankrupt us, and if it means the next generation can afford thier own home, it's all good.

 

 

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55 minutes ago, Kismit said:

Tax isn't a financial loss, if it is reinvested back into the country you live in properly.  It's just hard to see it that way when a third of your hard earned money is taken away, and the cost of raising a family is so high.

It is very difficult for a lot of families all over the Western world and I can see why they would like  tax breaks.

My husband and I have been very fortunate in life. We  work very hard and take calculated financial risks, and we have a healthy investment portfolio with low living costs. We can afford to help keep Doctors and Schools affordable. 

We make our money from property investment, so a cooler market will hit our capital gains and the introduction of a capital gains tax will cost us at point of sale. 

It will cut our profit margins but it won't bankrupt us, and if it means the next generation can afford thier own home, it's all good.

 

 

You're the hero that we all need.

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1 hour ago, Podo said:

You're the hero that we all need.

No. There are quite a few financially aware people. Mostly the middle class who earned what they have. And understand how tough it really is.

The trouble with politics though is the billionaires who don't have a clue financing other billionaires who don't have a clue, who treat non billionaires as, "labour units." That's an actual business term, which I personally can not stand.

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What?  No open borders where anyone and everyone can come in and buy property and do as they please? How about letting in some folks affiliated with the drug trade, say some MS13 members? I mean, don't we want the entire world to be open to any and all persons from everywhere else? You know, what about the freedom to go wherever anyone chooses, to have sanctuary in all locations?

*Yeah I'm being a bit sarcastic, but I'm actually quite serious about the concept of being able to secure ones own country for ones own countrymen*

Way to go New Zealand. Now we just need California to wake up and see the light.  

 

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As an island nation with finite resources, it seems only sensible to curtail foreign real-estate speculators from buying up properties, then making the cost-of-living rise for the resident population.

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As in the Eagles song: "call someplace paradise, kiss it goodbye."

This is a wise decision. I live in a place that used to be very rural and open. Then some years back a handful of people created this image of progress and sold it to outside investors. They in turn sponsored magazine articles and what not telling the world what an unspoiled and amazing place this was. People came in droves and still are. They fled the traffic and high prices and urban jungle. It was cheap here and they were willing to pay insane process to locals for homes because it was a quarter of the price where they came from. Farmers sold their land to developers for what they thought was insane prices who built houses on fertile land that was once alkali desert made farmable by years of work because it was already flat and level. And then there were those seeking the wonderful opportunity in the advertisements only to find out there were very few jobs paying enough to afford the new prices.

I can't blame them, but now in the summer when I drive into the mountains along a river that once used to see maybe 2 or 3 cars parked along, now you cannot even find a space to pull off for miles because of white water rafters and no place you can go and not find trash. 

Edited by BorizBadinov
because I cant speel guder
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On 12/10/2017 at 9:26 AM, Lilly said:

What?  No open borders where anyone and everyone can come in and buy property and do as they please? How about letting in some folks affiliated with the drug trade, say some MS13 members? I mean, don't we want the entire world to be open to any and all persons from everywhere else? You know, what about the freedom to go wherever anyone chooses, to have sanctuary in all locations?

*Yeah I'm being a bit sarcastic, but I'm actually quite serious about the concept of being able to secure ones own country for ones own countrymen*

Way to go New Zealand. Now we just need California to wake up and see the light.  

 

Like every Nation we have imigration laws. We also are happy to fill our refugee quota. Jacinda Ardern recently offered to help out Australia and take a few more.

This is not about people who want to come here and contribute, or who have been displaced. This is about selling off the country to allready wealthy people who dont live here or care about the country. Making living unafordable.

America already shut down this issue a long time ago, with capital gains taxes and by making it more expensive for off shore investors to buy up big.

New Zealand as a little island nation has plenty of drug dealers and gangs and racial tension, of it's own, it does not need to import this. Although oddly enough the introduction of the Asian triad in the mid 90's helped cut back the gang violence. The triad used business savy and influence to get the rival gangs organised and working for them. But that is a whole different topic.

I don't know about California, I don't live there, but I know we are not isolated from the autrocities of the world because of border controls. 90% of our rapists and drug dealers are born here. Kiwi gangs are notorius, infact Australia will not let you in if you are connected to a gang from here. Perhaps we are their Mexico. As another side note, this has not stopped racism, gang violence or rape in Australia either.

The worst of our modern gangs are actually American influenced, little boys and girls who play at being bloods and crypts because they listen to gangsta rap and watch tupac documentaries.. And the Killer bees, seriously sounds like a team mascot to me but again it's a gang that didn't originate here.

Border controls won't stop the idiots that are born in a country.

30 second video 

Wiki link to gangs of New Zealand

Kiwi? gang culture.

 

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On 12/12/2017 at 8:55 AM, Kismit said:

Like every Nation we have imigration laws. We also are happy to fill our refugee quota. Jacinda Ardern recently offered to help out Australia and take a few more.

This is not about people who want to come here and contribute, or who have been displaced. This is about selling off the country to allready wealthy people who dont live here or care about the country. Making living unafordable.

America already shut down this issue a long time ago, with capital gains taxes and by making it more expensive for off shore investors to buy up big.

New Zealand as a little island nation has plenty of drug dealers and gangs and racial tension, of it's own, it does not need to import this. Although oddly enough the introduction of the Asian triad in the mid 90's helped cut back the gang violence. The triad used business savy and influence to get the rival gangs organised and working for them. But that is a whole different topic.

I don't know about California, I don't live there, but I know we are not isolated from the autrocities of the world because of border controls. 90% of our rapists and drug dealers are born here. Kiwi gangs are notorius, infact Australia will not let you in if you are connected to a gang from here. Perhaps we are their Mexico. As another side note, this has not stopped racism, gang violence or rape in Australia either.

The worst of our modern gangs are actually American influenced, little boys and girls who play at being bloods and crypts because they listen to gangsta rap and watch tupac documentaries.. And the Killer bees, seriously sounds like a team mascot to me but again it's a gang that didn't originate here.

Border controls won't stop the idiots that are born in a country.

30 second video 

Wiki link to gangs of New Zealand

Kiwi? gang culture.

 

I personally like the idea well done Labour...As for our gang culture being here because they listen to rap music an watch tupac docos...I dont think so.It goes much deeper than that.50=60 yrs ago when 2 of our main gangs were jus begining these infliences werent even around..Killer beez originate from Otara nz, 2003,formed by josh masters..They are a spin off from the Tribesmen also originated in nz, bay of plenty..I personally am sadened by such gangs as I feel they are a waste of beautifully talented people who in large are Maori an Pacific Islanders..I am of Maori descent an I wish for better more constructive things for our people to be involved in..

I love the new law though an it isnt racist at all it applies to all races..

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3 minutes ago, Hre2breal said:

I personally like the idea well done Labour...As for our gang culture being here because they listen to rap music an watch tupac docos...I dont think so.It goes much deeper than that.50=60 yrs ago when 2 of our main gangs were jus begining these infliences werent even around..Killer beez originate from Otara nz, 2003,formed by josh masters..They are a spin off from the Tribesmen also originated in nz, bay of plenty..I personally am sadened by such gangs as I feel they are a waste of beautifully talented people who in large are Maori an Pacific Islanders..I am of Maori descent an I wish for better more constructive things for our people to be involved in..

I love the new law though an it isnt racist at all it applies to all races..

Although I think you missunderstood my point  on the influence of Gangsta Rap and Hollywood "straight outa Compton, influence  on our youth all I can say is a ruddy great Kapai to this. It is a waste of talented and beautiful people.

The culture of a Nation like this one should be celebrated, as the bold beautiful and inclusive culture that it is. The Maori idea of Whanau is superbly intricate and intertwined, the young people should not escape to gangs for something which is already thiers by birth right, whanau. 

I wish we had a golden wand that could help these great kids make great decisions.

 

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Apologies if I misunderstood..I totally agree with you.I wish for so much better for them..Its such a waste..Kiaora to you.

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