Offshore investors stopped buying NZ houses. Or did they?

Around 82 per cent of houses in the country are being bought by New Zealand residents or citizens, Land Information NZ says.

Another 16 per cent of sales are to businesses or corporate entities, almost all of which were wholly owned by Kiwis.

The Government department released the latest data on sales to foreign tax residents today.

For the first time, it included information about buyers and sellers’ residency and citizenship status.

And?  

Until now, the statistics have been based solely on tax residency, and have consistently shown that around 3 per cent of houses were sold to offshore tax residents.

That data was criticised as “dodgy” by Labour because it excluded people on student or work visas.

LINZ said that in the latest quarter, it was able to determine whether a buyer was a NZ resident or citizen in 87 per cent of 41,919 house sales.

It said 82 per cent of house transfers involved one or more buyers with NZ citizenship or residency. It was not known what portion of these houses was owned by local or offshore buyers.

Around 2 per cent of transfers involved no buyer with NZ citizenship or residency, though some of them had student or work visas.

And 16 per cent of transfers involved businesses or corporate entities.

“For almost all of these corporate/business entities all parties were New Zealand tax residents,” LINZ said.

Of the houses sold to offshore tax residents, Chinese and Australians made up the biggest share of purchases.

National has ruled out restricting house sales to non-residents, while Labour wants to ban sales to people living offshore.

And this has solved… what, exactly?

All the Labour scaremongering, the xenophobia and the blatant anti-Asian stance aided and abetted by the Media party “guided” the government’s hand into implementing this monitoring…. only to discover nothing is “dodgy”.

Has it combated the housing shortage or rampant pricing?  There is absolutely zero evidence that it has.

But Labour lose either way.  There seems to be next to no evidence of people with Chinky sounding names stuffing the market up.  That won’t fix the problems in Te Atatu where Twyford is facing the repercussions in a few months time.

 

– NZ Herald


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

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