Tsunami of foreigners on their way to buy NZ houses

Labour’s threat to introduce legislation to restrict overseas buyers from purchasing houses will have one instant and notable effect. If foreigners were putting pressure on prices before, it will be nothing like what is going to happen once news of Labour’s intent travels overseas.

No matter what anyone thinks of the policy, its for sure not going to help things right now. In fact it will probably make the situation a hell of a lot worse, as buyers flock to purchase just in case they’re prevented from doing so after next year’s election.

Anyone owning an Auckland house has just won lotto.

One thought on “Tsunami of foreigners on their way to buy NZ houses

  1. Typical knee jerk Labour (actually all they have left is Greens party policy) idiocy. They probably have pissed off a few current home owners, who were looking to making a profit in their later years by selling to foreigners (again), having the opportunity taken away. Current Asian Labour voters are thinking that overseas relatives are going to be done out of buying NZ houses for investment. Net effect – minus a few points in the next poll.

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