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skomer

Tenants in our own land - New Zealand

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Interesting news from New Zealand....

https://www.theguardian.com/world/2018/aug/15/tenants-on-our-own-land-new-zealand-bans-sale-of-homes-to-foreign-buyers

The New Zealand government has banned the sale of existing homes to foreign buyers, saying New Zealanders were sick of being “tenants in our own land”.

Associate minister of finance David Parker said the ban would mean housing would become more affordable for locals, and supply would increase.

“We think the market for New Zealand homes and farms should be set by New Zealand buyers, not overseas buyers,” said Parker in an interview with the Guardian.

“That is to benefit New Zealanders who have their shoulder to the wheel of the New Zealand economy, pay tax here, have families here. We don’t think they should be outbid by wealthier people from overseas.”

In a speech to parliament on Wednesday he said: “We should not be tenants in our own land.”

Only a quarter of adults in New Zealand own their own home, compared with half in 1991, and in the last five years homeless figures have increased, with some New Zealanders forced to live in cars, garages and under bridges.

A report by the Economist in 2017 found New Zealand had the most unaffordable house prices in the world, with prices in Auckland climbing 75% in the last four years, although the market has cooled in recent months.

The ban applies to all nationalities, except buyers from Singapore and Australia.

 

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58 minutes ago, spyguy said:

They dont need to ban forigners from buying..... just ban them from selling

Or tax them 100% of the purchase price

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16 hours ago, Lord D'arcy Pew said:

Great DNA test them all.  Not Maori = no land rights.

No one can agree what "Maori" means. There are no "pure blooded" Maori left in NZ. To be officially recognized as Maori, all you need to do is show that you have at least one Maori ancestor. That is all. 

I worked for a market research company for a time. One of our researchers was a blond-haired fellow who had a great-great-grandfather who was documented as being a Maori from the Taranaki region. This was useful because it enabled our company to participate in bidding for government-funded research projects, such as studies of cigarette and eating habits of Maori in New Zealand. Companies without "Maori" researchers were barred from tendering for these kinds of lucrative public research projects. 

Edited by Odakyu-sen

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On 15/08/2018 at 10:14, spyguy said:

They dont need to ban forigners from buying..... just ban them from selling

haha, yes, ban them from selling, 'til prices are half.

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Of course, a land value tax would help. If the foreign buyers contributed to maintaining the public services and infrastructure investments that supported or increased that property's value then it wouldn't be so bad. 

And we could enjoy not paying income tax :)

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The problem for NZ's economy is the only growth driver is foreign money viz a viz RE, agriculture, talk about turkeys voting for Christmas. I'm not surprised though seeing as NZ really is Royston Vasey on so many levels, "this is a local country for local people - there's nothing for you here".

The NZ culture (both white and Maori I've experienced) is inherently lazy and suspicious of anyone or anything that's not native to the country add to that a massive dollop govt corruption and they're another country circling the drain, it could be so different. As a family member who lives out there tells me, "all they need is a couple of million more people from Europe and Asia & they'd be in the 21st Century.

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1 hour ago, burk said:

The problem for NZ's economy is the only growth driver is foreign money viz a viz RE, agriculture, talk about turkeys voting for Christmas. I'm not surprised though seeing as NZ really is Royston Vasey on so many levels, "this is a local country for local people - there's nothing for you here".

The NZ culture (both white and Maori I've experienced) is inherently lazy and suspicious of anyone or anything that's not native to the country add to that a massive dollop govt corruption and they're another country circling the drain, it could be so different. As a family member who lives out there tells me, "all they need is a couple of million more people from Europe and Asia & they'd be in the 21st Century.

The earthquakes did it for them - they were getting to build a good niche in insurance and finance with their attractive country for execs to live in for a while but you need data centres - which don’t fare too well when built on cracks in the earths crust

Edited by GregBowman

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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