South Korea-based buyers may have open access to New Zealand’s housing market assured under a new trade deal, prompting warnings it could undermine New Zealand’s sovereignty.
Labour says the wording in the NZ-South Korea FTA is a blunder that could tie a future government’s hands and allow challenges if New Zealand adopted the sort of measures applied to foreign buyers by Australia.
It wants to block non-resident buyers acquiring residential homes here, unless they are new builds or apartments, as a way to take some of the heat out of the Auckland market.
But Labour trade and export spokesman David Parker said the deal with the Republic of Korea, announced in November, had been “botched up” by National.
“National doesn’t want to ban foreign buyers of New Zealand houses, but Labour does. Now National is limiting the freedom of the next government to ban house sales to foreigners or to introduce stamp duties targeting foreign buyers,” he said.
I’m sick of people attacking foreigners. It looks like Labour is trying to out-Winston Winston. Read more »