NZ Property: Foreign buyers ban passes third reading   15 Aug 2018

15 AUGUST 2018

HON DAVID PARKER

The Bill to put in place the Government's policy of banning overseas buyers of existing homes has passed its third and final reading in the House.

"This is a significant milestone and demonstrates this Government's commitment to making the dream of home ownership a reality for more New Zealanders," Associate Finance Minister David Parker said.

"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," Associate Finance Minister David Parker said.

"The National Party opposed this change at every turn, while arguing the wealthiest buyers from overseas who don't live here and don't pay tax here should be exempt. That is not a view shared by the overwhelming majority of New Zealanders.

"The Opposition also told New Zealanders they had to choose between trade deals like CPTPP and control over ownership of our land and homes. We have proved them wrong again.

"We needed to pass this law before the CPTPP takes effect, to preserve the right of future governments to loosen or tighten the rules. But they will have to do it openly, through Parliament."

This critical reform will work alongside the Government's extensive programme to remedy New Zealand's housing shortage and address the declining rate of home ownership.

That programme includes KiwiBuild, more social housing and the Urban Growth Agenda.

"This law will support investment in new homes, particularly apartments and homes available to purchase under innovative new models, which will help more New Zealanders achieve the Kiwi dream of home ownership," David Parker said

The Bill also supports business investment. It includes a streamlined approval process for the purchase of residential land for commercial purposes, whether they be supermarkets, hotels, or family-run dairies.

The Bill also encourages foreign direct investment in forestry, where it is crucially needed, and puts in place a light-handed and more consistent screening test for forestry rights alongside that for freehold and leasehold forests.

Some provisions critical to the operation of the new regime will start immediately following Royal assent, with the new screening requirements commencing within two months of Royal assent.

NZ Government

Add a comment

Bookmark and Share

News

PM unveils $305m investment to upgrade Auckland hospitals

25 Aug 2018 Health
23 AUGUST 2018 RT HON JACINDA ARDERN HON DR DAVID CLARK The Prime Minister Jacinda Ardern has announced a $305 million investment to... more

Government saddened by suicide statistics

25 Aug 2018 Health
24 AUGUST 2018 RT HON JACINDA ARDERN HON DR DAVID CLARK Prime Minister Jacinda Ardern and Health Minister Dr David Clark say... more

Business

Multinationals to pay fair share of tax

26 Jun 2018 Business News
26 JUNE 2018 HON STUART NASH New measures to ensure multinational companies pay their fair share of tax will come into force next... more

NZ Government launches Sustainable Food & Fibre Futures

22 Aug 2018 Business News By Hon Damien O'Connor
21 AUGUST 2018 Growing New Zealand's food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new... more

Living

REVIEW: Modern Maori Quartet's "Two Worlds" at Edinburgh Festival

20 Aug 2018 Arts By Justine Redfearn
The Modern Maori Quartet are back at the Edinburgh Fringe Festival with their new show “Two Worlds” - harmonising... more

INTERVIEW: NZ's Delaney Davidson back in London

20 Aug 2018 Entertainment By Charlotte Everett
Following his sold out show in May at London's Servant Jazz Quarters, Delaney Davidson will be back next month -... more

Property

More certainty in construction sector smooths boom and bust cycle

22 Aug 2018 Property
30 JULY 2018More certainty in construction sector smooths boom and bust cycle HON JENNY SALESA The 2018 National Construction Pipeline... more

NZ Property: Foreign buyers ban passes third reading

15 Aug 2018 Property
15 AUGUST 2018 HON DAVID PARKER The Bill to put in place the Government's policy of banning overseas buyers of existing homes has... more

Migration

Christchurch reinstated as refugee settlement location

18 Aug 2018 Migration
18 AUGUST 2018 HON IAIN LEES-GALLOWAY The announcement that Christchurch can once again be a settlement location for refugees... more

Post-study work rights emphasise skills NZ needs

8 Aug 2018 Migration
8 AUGUST 2018 HON IAIN LEES-GALLOWAY Changes to post-study work rights will help ensure international students coming to New Zealand... more

Travel

NZ Government to fully fund Auckand's SkyPath as part of $390m investment in walking and cycling

25 Aug 2018 Travel & Tourism
23 AUGUST 2018 HON PHIL TWYFORD HON JAMES SHAW Transport Minister Phil Twyford and Acting Associate Transport Minister James Shaw have... more

$13.2 million to create Otago cycle trail network

9 Aug 2018 Travel & Tourism
9 AUGUST 2018$13.2 million to create Otago cycle trail network HON KELVIN DAVIS A 530-kilometre continuous cycle trail network across... more

Sport

Humble Stephen Kearney praises Warriors staff ahead of finals appearance: 'It's not down to one person'

3 Sep 2018 Rugby League
Warriors coach Stephen Kearney paid tribute to the club's unsung heroes ahead of their first taste of NRL finals football since... more

All Blacks expect rejuvenated Argentina

3 Sep 2018 Rugby By LYNN MCCONNELL
2 Sept 2018 Argentina's pace and size would be a good test for the All Blacks when they meet in Saturday's third Investec Rugby... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade First published on Werewolf The ghastly likes of Marine Le Pen in France and Geert ... more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome Well um.. on the bright side, there (probably)... more

Kiwi Success

Appointments to New Zealand National Commission for UNESCO

16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO HON JENNY SALESA Associate Education Minister Jenny Salesa is... more

Maori Development Minister reappoints members to Waitangi Tribunal

22 Aug 2018 Appointments By HON NANAIA MAHUTA
21 August 2018 Maori Development Minister Hon Nanaia Mahuta has reappointed four members of the Waitangi Tribunal to maintain the... more

Recruitment

Historic pay equity settlement for education support workers

14 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more

Historic pay equity settlement for education support workers

22 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more