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New Zealand bans foreign buyers

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1 minute ago, Fishfinger said:

Go on I'll bite.

Lamb?

Lord of the Rings/Hobbit paraphernalia?

Just edited post. Sorry didn't mean to leave it dangling.

Homes. Bloody homes!

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Id not ban foreign buyers.

Tax non residents/domiciled @ 5% of the purchase price a year.

Dont let them buy property without unless heir home country allowing UK nationals to buy property, full legal title.

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I'd like to see more on the detail of this before I get too happy. Although it sounds like a very good step in the right direction. I have extended family members in NZ and one family group with young children are having to rent as they cannot find anything to buy. 

Why does it say "existing homes" and does that mean that overseas investors will still be able to buy new builds in the future?

Also what will "resident" mean? Will investors be able to buy their way into NZ and then buy housing, or will they be able to register on a course, stay for a while and then buy?

 

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6 hours ago, Grab_Some_Popcorn said:

It's happening.

New Zealand bans foreign home buyers - http://www.bbc.co.uk/news/business-41745129

 

5 hours ago, TheCountOfNowhere said:

That makes a healthy change,

First Canada acts...then New Zeland...next Oz then the UK.

It's like watching a hog roast.

 

You expect the UK to act?

Lol. You're in count cuckoo land!

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I dont like the sound of the word resident.  If they were taking things seriously it would be passport holders.  I know they recently had an election and the New Zealand first party are king maker, so I guess this is a sop to that, however I guess the Labour party (who they are in coalition with) are planning to put in a lot of loopholes.  

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7 hours ago, spyguy said:

More fun would be  banning non residents from selling ...

 

GREAT idea!!  Or --- Compulsory sale of all foreign owned property & 99% tax.  I think I would die laughing.

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Kiwis should not get too excited about this BS spin.

Anyone can still buy new homes.

Half of Asia is already resident in NZ and immigration scams persist. Auckland looks more like Shanghai!

Thank god they stick mainly to the cities and are not ruining the rest of NZ.

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2 hours ago, Bsmf said:

Haven't all the billionaires already bought their 100 acre nuclear bolt holes?

And then will all get wiped out through some major native seiemic event.  Well one can dream about it happening at least  ;-)

 

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22 hours ago, rantnrave said:

Less choice for the Chinese buyers. More of them buying UK property soon?

As far as I can can tell NZ + OZ really dont have their own economy.

The last 20 years have seem them evolve into some minor, parasitical attachment to the great Chinese economy - feeding its population, educating its posh kids, emptying its mines.

As Wi has jumped the shark and become China's King Jung In - leaders for life ....

https://twitter.com/doumenzi?lang=en-gb

 

 

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New Zealand population:

2016: 4.693M

2000: 3.858M

A 21.6% increase. 

New Zealand Housing:

2000: 1.493M

2016: 1.8166M

A 21.7% increase  

rented

2000: 426300

2016: 597100

A 40% increase.

New Zealand average household size 2.6 compared to the UK's 2.4  

 

 

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A bit late for the younger generation in NZ that have been sold down the river and have blighted futures but this is good news I think for us...it makes it more difficult for TPTB to argue against similar restrictions here...their justifications will sound more and more hollow and be seen for what they are.

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Normally can't stand anything Polly Toynbee writes but this better than her usual output but I do note she wants to protect her 'mad gainz' & merely wants to 'chill the market and stop house prices rising above inflation'. How about a tax on your windfall gains Polly?

https://www.theguardian.com/commentisfree/2017/oct/26/new-zealand-rich-foreign-home-buyers-labour-oligarchs

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Dont ban.

Tax non tax resudents 5-10% of ourcgase orice every year.

Consider it a keeping natives happy tax.

Countries dont owe foriegners fux all.

Try buying any real estate in China.

 

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On 10/25/2017 at 8:08 PM, reddog said:

I dont like the sound of the word resident.  If they were taking things seriously it would be passport holders.  I know they recently had an election and the New Zealand first party are king maker, so I guess this is a sop to that, however I guess the Labour party (who they are in coalition with) are planning to put in a lot of loopholes.  

This change is of course only being introduced because New Zealand First - the NZ equivalent of UKIP whose leader Winston Peters is as charismatic as Farage - are in coalition with Labour.  They are a historically anti immigration party.

In terms of residency this means people who have been granted permanent residency on skills or investor or other visas. They aren't citizens - yet - but have the right to reside permanently. They get voting rights so why would they be stopped from buying homes.

The problem of course is mainly an Auckland, Christchurch and Wellington problem. Housing is more affordable in remoter parts – although still crazy.

I don't see this happening in the UK - because there are too many vested interests in the London prime market to stop it. Who on earth would otherwise buy those £750,000 new build flats in Elephant and Castle. Harlesden and Bow?  Only overseas investors that have never visited the areas.

 

Edited by MARTINX9

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