Is this Labour Party idea worth stealing?

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Word analysis: ( The size of each word indicates how often the word was used in the written responses )

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Written responses:

Depends who the foreign speculators are. Not all are “bad” like the Labour Party paints them to be. We do need some foreign speculation and investment – don’t we?

Have tighter controls, make them pay a high rate of tax,

Foreign speculators should have to build new homes.

Yes, although it may be difficult to define foreign speculators.

I hate the term speculator

Yes in the short term provided it could be changed as conditions changed. As soon as the market turns they will bail anyway. Making them fund new homes only would help improve supply.

Ban them from buying our farms and houses full stop.

“Foreign Speculators” is a false term bandied by the Socialist Left. I must retain the right to sell to whom I choose.

Is this a fact or just wishful rubbish from Angry Little

Carefully define speculation and then tax speculators at their marginal tax rate on the capital gain realised upon resale of the home.

Do they class foreign speculators as people on temporary visas, work visas or non residents.

Happy for foreigners to buy NZ property where rights are reciprocated.

define speculator?

I don’t believe this is possible under our free trade agreements.

The key word here is speculators, who may partly be responsible for driving up prices, but can also crash the market. Therefore I am against speculators as such but very difficult to assess a speculator prior to a sale

How about rent controls?

Yes, should be required to build.

No. This is foreign capital which is entering the country and is then used for other development.

maybe not ban, but make housing something not to speculate with – or funnel overseas investment into improving housing supply

Yes, but Just in Auckland

Any country that bans foreign ownership of land should receive reciprocal treatment.

Who are the foreign speculators? The Australian law that requires non Australian citizens to purchase new builds only is worth adopting?

Depends if you are a buyer or a seller. Simple as that

Only foreigners buying with intention of renting our

I am against a blanket ban but would restrict foreign buyers based on the reciprocal arrangements we have with other Countries i.e. if we cannot purchase freely in a particular Country, neither should citizens of that Country be permitted to purchase freely here. It should be done by Govt. to Govt. negotiation maybe as part of trade agreements.,

residential houses yes, rural land no

Why just foreign speculators?

To a degree yes but very difficult to determine in terms of ambiguity re how it is imposed. Is it done regionally – is it all foreigners – but if someone owns 43 properties and is leaving them vacant to cash up later then that could be a problem that makes National look like they don’t care

But how do you indemnify a foreign buyer from a foreign speculators? We need to consider why speculation is attractive. First we have levels of population growth in excess of building rates, this is bound to create price pressure. We then have the very real impact of low interest rates in relation to property price inflation rates, a huge incentive to invest in property. Back in 1973-4 house prices doubled (in Auckland) following high levels of immigration, Prime Minister Kirk fixed this overnight by stopping immigration. Prices actually fell 5-10%. We don’t need to stop immigration but a reduction would help.

Foreign Speculators can only build new houses.

Banning foreign speculators (or any speculators) may be a good idea but how to differentiate between speculators and others. What about local speculators?

I think foreign ownership of nz land is a poor decision since we cannot manufacture more of it. Foreign ownership of businesses however is just fine.

Yes, some limits should be placed on non-resident purchasers

It is not possible to identify a speculator either foreign or national at the time of sale so it can never work

Doesn’t go far enough. Foreign speculators should not be able to buy any property.

It’s been proven to be a non-issue.

Yes, while demand is too high, restrict foreign investors.

Actually yes …funnily enough I think this idea actually has some legs.

I think there may be a problem under our international trade agreements. But they can apply additional hefty taxes on overseas speculators.

My gut feel is numbers are low

There are so many foreign residents these days, that this will be impossible to police effectively. Would help unemployment figures though as so many more bureaucrats will be needed.

Only if they live in it !

Foreign speculators should be restricted to purchase of new builds only, as in Australia.

Any speculators should be discouraged with laws to minimise this happening. Nothing wrong with foreigners or locals owning houses for people to rent and live in

The market should decide whether housing is a good investment or not

Put a capital gains tax on all investment classes. No CGT on your primary dwelling if you are a permanent resident, but tax on all others

status quo

How can they tell who will be a speculator?

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