Media Updates, page-1617

https://www.macrobusiness.com.au/2018/08/nz-labour-ban-foreign-home-buyers/<br><br>No more bot holes for rich Americans in Aotearoa!!

Later this week, New Zealand’s Labour-led coalition Government will introduce legislation to implement the first tranche of its demand-side housing reforms, amending the Overseas Investment Act to preclude foreign buyers from purchasing residential property. From The Canberra Times:
Ms Ardern’s Labour Party is adamant that a law change banning foreigners from buying most types of homes in the country… will help damp down property prices.
The bill will still allow foreigners to buy new apartments in large developments and multi-storey blocks. Existing homes remain off limits to non-residents, but people from Australia and Singapore will be exempt from the ban, due to free-trade rules.
David Parker, the minister for trade and economic development who is responsible for the bill, said it wasn’t just about house prices.
“In this world of concentrating wealth, we don’t want this coterie of ultra-wealthy people overseas being able to outbid successful New Zealanders for what is our birthright, not theirs,” he said.