You are here: Home - News -

New Zealand bans sale of homes to overseas buyers

  • 16/08/2018
  • 0
New Zealand bans sale of homes to overseas buyers
New Zealand has banned the sale of housing to many overseas buyers in an attempt to tackle the country’s home affordability crisis.  


Non-residents, with the exception of Australians and Singaporeans, will no longer be able to buy in New Zealand after the parliament this week passed the Overseas Investment Amendment bill.

Instead overseas buyers will only be able to make limited investments in new apartments of large developments.

The move had been prompted by fears wealthy Chinese and other foreign buyers were among those pushing up house prices for locals.

Home values in New Zealand increased by 6.2% in the year to July, according to the Real Estate Institute of New Zealand.


Not be outbid by foreigners

David Parker, the associate finance minister said: “We’re here today to take another step toward restoring the great New Zealand dream of home ownership.

“This government believes that New Zealanders should not be outbid by wealthier foreign buyers.

“Whether it’s a beautiful lakeside or oceanfront estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market.”

In 2016 residents of St Ives in Cornwall voted in favour of a ban on building properties that will be used as second homes.

Instead new building projects will only get planning permission if they are reserved for full time residents.


There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
More than 169,000 have used Help to Buy equity loan scheme

More than 420,000 people have used one or more of the Help to Buy schemes to buy a home, data...