The government is moving to ban foreigners from buying houses, with legislation being introduced to parliament today.
In the future, only New Zealand and Australian citizens will be able to buy residential housing without undergoing special screening tests.
However, the proposed law change does not ban foreigners from building new homes and some migrants with resident class visas, such as skilled migrants, can buy a home if they pass a new test by the overseas investment office.
Housing minister Phil Twyford says, “Under these terms, the person could buy a home to live in, but if they lose their visa or leave the country, they would have to sell the property.”
Migrants on temporary visas, such as student visas, will not be able to buy a house.
Exceptions may be made for citizens of Singapore as the ban on foreign buyers may run afoul of New Zealand’s free trade deal with the country.
The governments of both countries are currently working to find a solution.
The government is looking to pass the foreign buyers ban into law by early next year.
SHARE ME