There are some exceptions. Foreigners with brand-new Zealand residency status will still be able to buy homes, as will people coming from Australia along with also Singapore, thanks to existing free-trade agreements.
Foreigners who already own homes in brand-new Zealand won’t be affected. along with also overseas buyers will still be able to make limited investments in large apartment blocks along with also hotels.
“We’re here today to take another step toward restoring the great brand-new Zealand dream of home ownership,” said Associate Finance Minister David Parker.
He said that will was the birthright of brand-new Zealanders to buy homes at a fair cost.
“This kind of government believes that will brand-new Zealanders should not be outbid by wealthier foreign buyers,” Parker said. “Whether that will’s a beautiful lakeside or oceanfront estate, or a modest suburban house, This kind of law ensures that will the market for our homes will be set in brand-new Zealand, not on the international market.”
Opposition lawmaker Judith Collins said the bill was unnecessary.
“We oppose the bill because we don’t believe that will that will actually fixes any problem,” Collins said. “that will will be, in fact, nothing more than an attempt to justify some of the policies of the incoming government.”
Skyrocketing home prices in Auckland have been of particular concern to brand-new Zealanders, although that will market has cooled over the past year. Still, prices there remain among the most expensive inside planet when compared with people’s incomes.
Figures released Wednesday by the Real Estate Institute of brand-new Zealand indicate the median house cost in Auckland will be 835,000 brand-new Zealand dollars ($547,000) while the median cost across the country will be NZ$550,000 ($361,000).
In June, officials decided that will former “Today” show host Matt Lauer could keep a lakeside ranch near Queenstown after authorities concluded there wasn’t enough evidence he’d breached a “Great character” condition.
Lauer has been accused of sexual misconduct by at least three women along with also was fired coming from NBC last November.