Foreign buyers ban bill hits Parliament
Housing and Urban Development Minister Phil Twyford says the legislation demonstrates the government’s determination to make it easier for New Zealanders to buy their first home.
The government welcomes foreign investment which adds to the country’s housing supply, but purchases of existing homes by offshore speculators push first home-buyers and families out of the housing market, he says.
“This government prioritises home ownership and housing affordability for all New Zealanders and this Bill will ensure that house prices are set by New Zealand-based buyers, not international buyers.”
Land Information Minister Eugenie Sage says the legislation brings residential land within the category of sensitive land in the Overseas Investment Act.
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