Filthy White Foreigners buying up our houses

Oh look, it isn’t the Chinese buying up houses:

First-home buyers priced out of the British market are increasingly looking to buy property in New Zealand, research shows.

Experts here say increased immigration is adding fuel to an already-inflated market, putting a strain on local house hunters.

A study by foreign exchange specialist Moneycorp showed New Zealand was the fifth-most popular place to buy for young Britons, behind the United States, Spain, Australia and France. Italy, South Africa, Portugal, Canada and Brazil rounded out the top 10.

The number of 19 to 28-year-olds using Moneycorp to buy properties abroad has increased fourfold since 2011.

While they may comprise a relatively small slice of the British market, the company said it illustrated a wider trend in the age group.

The number of Britons in their 30s buying abroad had jumped by 25 per cent in three years.

The boom was not reflected among retirees who had traditionally dominated the international property scene. The number of over-69s buying abroad had shrunk by 79 per cent between 2007-2012 as older home owners become reluctant to release their British assets.Ā 

So let me understand this current predicament.

Countries where there is a capital gains tax:Ā Australia and theĀ UK amongst others.

Countries where housing prices are out of control in some areas:Ā Australia and theĀ UK.

Can you see how a Capital Gains Tax won’t help? If you can;t that is probably because you are a muptard who votes Labour. Like this guy:

Murray Horton, of the Campaign Against Foreign Control of Aotearoa said of the trend: “It is disadvantaging young New Zealanders, particularly young Aucklanders because of the Auckland housing bubble.

“I think New Zealanders should have first go at buying houses in their own country.”

He said proposed restrictions by Labour to block all purchases of property by people who did not live here would free up more stock.

“If English people are buying houses around the countryside, the only way to sort of stop that is by applying a policy such as the one proposed by Labour.”

Yeah….except they exempted Australians…the repeater failed to mention that and so did the muptard.

 

  • Agent BallSack

    How do you ‘sort of stop something’? More empty rhetoric from someone who has no fucking idea.

    • mike

      Well it stops foreigners directly buying property, instead hides their purchases behind shell corporations based either here in NZ or in Australia.

      Would not fix the problem (which isn’t really a problem).

  • johnbronkhorst

    materia turei, on TV3 this morning…practically admitting that their interference in the housing market would put current owners into negative equity!!

    • jagilby

      She was back-peddling as fast as she could on those comments.

      It was fantastic viewing watching her squirm.

    • Col

      She should stop buying those new jackets she wears a different one every time I see the COW. She doesn’t have any idea, she had to go and ask Clint, did she pop out of a shit hole, because she aren’t got a brain.

    • Tom

      She needs a good fucking kicking. She has no fucking idea.

      • Bunswalla

        I read the first five words of that post and was a little bit sick in my mouth. Cheers for that.

        • Tom

          Oh thats a horrible horrible thought. Yes it would make you crook. Even a truckload of piss couldn’t fix that.

  • tarkwin

    Don’t believe everything you read in the Horrid, in fact don’t believe anything you read in the Horrid.

  • Rex Widerstrom

    I’ve read the original article twice now and I’m still not 100% certain whether said Britons are buying up property and then emigrating to live in it or simply buying it as an investment.

    It makes reference to “buyers priced out of the British market”, implying the former is what’s occurring, but nowhere is that made explicit. It then compares a two bedroom apartment in the UK with a four bedroom house in NZ, implying it’s all about the property value.

    Some here may argue, of course, that it should make no difference. I, and others, would disagree (and that disagreement isn’t confined solely to “Labour voting muptards”). So are we debating the purchase of a home by a family who want to bring their skills and taxes to NZ, or speculative investment by non-residents? It would be nice if the Horrid actually explained what it was it was reporting upon.

    • Daniel

      It sounds like you want to read an article with depth that has been researched. Unfortunately the story is from the Herald so you’re out of luck.

    • YoungA

      Mate, not only that, they compared a house in god damn PAPATOETOE. Not that there is anything wrong with the area (ok maybe a wee bit but that is besides the point), how many Britons would you expect to initially buy in that area? z e r o. It seems to be all the Britons who come to Auckland at least buy on the shore, predominantly around Devonport. I highly doubt those buying the equivalent value houses in the UK emigrate to NZ (or at all for that matter) – they wouldn’t be able to afford it.

  • Mike

    “Campaign Against Foreign Control of Aotearoa”.
    The name says it all. Where the fuck is Aotearoa? This country is called New Zealand!

    • Agent BallSack

      Even worse, said as an acronym it’s pronounced Kafka – a notorious anarchist, socialist and author.

    • GazzW

      Spot on Mike. I’m surprised they haven’t managed to include ‘Coalition’ into the title.

      • philbest

        Or “Action Network”…..

        • Bunswalla

          or “Enquiry” – maybe that’s it.

          The Coalition of Campaigns to Force an Enquiry to Sort of Stop Foreigners from Buying, Digging Up and Removing to Foreign Places all the Land and Resources of Aotearoa, Thus Giving Control of Said Aotearoa New Zullund to Foreigners.

  • jagilby

    Access to cheap lending is the cause of all this. Anything else is pissing at the edges.

    LVR restrictions will help but ultimately when interest rates (inevitably) rise then the squeeze will come:
    i) What proportion of people buying at current, and rising, prices have factored in an upto 50% increase in debt servicing costs? How many will run for the exit when they have to re-finance in 3-5 years time?
    ii) What effect will the rising cost of debt have on new demand in 3-5 years?
    iii) Given (i) and (ii) occuring how many speculators, who are in the game solely for capital gains, will get itchy feet when prices plateau and the negative cash yields start to bite? How long will they be able to hold on for? How smart will their leveraged strategy be then?

    In short – Whilst paper gains might be accumulating now there is potential for big cash flow problems to arise in 3-5 years time. The question is how much supply will come onto the market then and if this depresses prices then how many people will feel the burn of negative equity.

  • johnbronkhorst

    It is amazing how some will apply the basic “supermarket economics” to their grocery bill, what computer they buy, which phone, which car ie they ask can I afford it?
    But don’t want to apply this same logic to a house!
    First question to ask……Can I afford this house?
    Should I look elsewhere for a cheaper one?
    Should I save a deposit for a few years, until I can afford the mortgage?
    etc

  • philbest

    For Pete’s sake, if they emigrate to an affordable US city they would get 5 decent houses for their money. And they could rent 4 of them out for a sane ROI.

    Or they could buy 1 house and use the balance to start a business or invest their money in some way.

    Seriously, look up any RE site for any city with a median multiple of 3 in the Demographia Reports, see what you get there for $200,000, $150,000, $100,000, and even less (use search filters). Try Nashville, Salt Lake City, Indianapolis, Philadelphia, Kansas City, dozens more.

    And start the anti-planning revolution here. There is no sane reason we need to compare our house prices favourably with the first world’s worst example, Pommy-land. We’ve got spare land on a similar scale to heartland USA. We should have house prices much closer to theirs.

    It actually helps an economy if you simply build freakin’ houses for all comers – the prices don’t rise, nobody is priced out, jobs are created and the system is awash with spare income. The only people who don’t like it is the FIRE sector. Hmmmmm….

  • cows4me

    Seems to me everyone wants to live in Dorkland, why, well it’s beyond me. Plenty of work and far cheaper housing outside the big smoke. I guess everyone wants the easy life these days , the theater, sports, amenities, restaurants etc. Everything will be just peachy till those paying for the four walls can no longer afford to live in the worlds most liveable city ( oh please ) and are forced to relocate.

    • Agent BallSack

      Not all of us!

  • Get a Grip

    It amazes me that the arguers for ……only sell to NZ residents….. dont look at other juristictions for outcomes.

    Just back from Thailand where foreigners cant own land. Doesnt seem to stop them very much tho. They just get more devious. They form a company(must have 51% Thai shareholders who generally dont know each other) and then proceed to buy said land with a great debenture over it(ie their deposit/whatever). Effectively they then own the land!

    Am sure other devious thinkers could circumnavigate any laws that the muppets will come up with.

    Oops, Did I forget-prices are going up in Thailand as well!!!

    • philbest

      And Thailand is one of the few developing countries where urban land prices are not so bad, nowhere near as bad as China or India, for example.

      It is all to do with the level of oligopoly gouging in land for new development. Both China and India are appalling. Thailand is actually not as bad. But bad enough.

      “Compact city urban planning” is a nice bowdlerised way of restoring the oligopoly (FIRE sector) gouging that we in the West had actually managed to eliminate for a few decades……

  • GregM

    No no no no no! It’s not the poms, it’s the nasty Chans !
    Winston said so, so it must be them!

    • Bunswalla

      Thanks for your comment Gus.

  • RightOfGenghis

    Damn those poms must speak mandarin well, if my experience on the auckland auction scene is any guide!

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