In August last year, New Zealand’s Labour-led coalition Government introduced legislation to amend the Overseas Investment Act to preclude foreign buyers from purchasing residential property.
The legislation came as Statistics New Zealand data showed that foreign buyers had gobbled one-in-ten inner Auckland homes:
In the September 2018 quarter, 9.8 percent of home transfers in Auckland inner city (Waitemata local board area) were to people who didn’t hold NZ citizenship or a resident visa, down from 22 percent in the June 2018 quarter, Stats NZ said today.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
