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  1. #1
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    New Zealand bans sale of homes to foreigners

    Chinkies again.

    New Zealand's parliament has banned many foreigners from buying existing homes in the country - a move aimed at making properties more affordable.


    The ban only applies to non-residents. Australians and Singaporeans are exempt because of free-trade deals.

    New Zealand is facing a housing affordability crisis which has left home ownership out of reach for many.


    Low interest rates, limited housing stock and immigration have driven up prices in recent years.

    Is it a total ban?

    No, only non-residents are affected by the Overseas Investment Amendment Bill, which was passed in a 63-57 vote on Wednesday.

    They are now banned from purchasing most types of homes - but they will be able to make limited investments in new apartments in large developments.

    Foreigners with residency status in New Zealand - as well as non-resident Australian and Singaporean nationals - are not affected by the ban.


    New Zealand's Trade and Economic Development Minister David Parker described the passage of the bill as a "significant milestone".
    "This government believes that New Zealanders should not be outbid by wealthier foreign buyers," he said.

    "Whether it's a beautiful lakeside or ocean-front 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."


    But opponents said the ban was unnecessary and would not fix any problem.


    Foreign ownership and a housing shortage in New Zealand's bigger cities were prominent issues in the run-up to
    last year's election, which saw the end of nine years of rule by the conservative National Party.

    New Zealand now has a centre-left coalition government led by Labour's Jacinda Ardern
    , the country's youngest female leader.

    What's the bigger picture?

    The ban follows fears that overseas buyers of homes were putting too much pressure on infrastructure and house prices.


    Chinese investors have been among the biggest and most active offshore buyers of property in the New Zealand market.


    Average prices nationwide have risen more than 60% in the past 10 years, while in Auckland - the country's largest city - they have almost doubled.

    However, the housing market has somewhat cooled in recent months.


    In July, the median price for residential property nationwide was NZ$550,000 ($360,500; £284,000),
    according to data from the Real Estate Institute of New Zealand.

    In June, about 82% of houses were bought by New Zealand's citizens or residents, with fewer than 3% of homes going to foreigners.

    https://www.bbc.co.uk/news/world-asia-45199034

  2. #2
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    I have always liked New Zealand as a country. Is this new centre left government being populist, or moving to the right?

    New Zealand is the kind of place you hope the U.K. might become one day.

    Despite some indigenous issues, and the influence of big brother Oz, I still find the country an attractive proposition.
    Generally nice easy going folk too.

  3. #3
    Thailand Expat AntRobertson's Avatar
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    Quote Originally Posted by Switch
    Is this new centre left government being populist, or moving to the right?
    Populist I'd say.

    Actually the difference in NZ politics between the 'Left' (Labour) and the 'Right' (National) is probably so marginal as to be non-existent.

  4. #4
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    generally nice easy going folk to,it wont be if you have a house full of chinkies living next to you.
    back in the uk.1993 a big factory opened up in our town,there were 22 living in ONE HOUSE 100yds from us.

  5. #5
    Thailand Expat AntRobertson's Avatar
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    Good gawd that's terrible! All 22 of them living only 100 yards from a Daily Mail reader. Those poor people.


  6. #6
    hangin' around cyrille's Avatar
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    Cool

    25 years ago.



    Hope the people a hundred yards away from you in Korat will get over the scars more speedily.

  7. #7
    Thailand Expat AntRobertson's Avatar
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    It was probably in actuality only 2 - 4 people living there but they all looked the same to him coming and going so...


  8. #8
    hangin' around cyrille's Avatar
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    And they were a hundred yards away, don't forget.

    Possibly just a very busy couple.

    Maybe they had a lot of Chinese food delivered?

  9. #9
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    Quote Originally Posted by headhunter View Post
    generally nice easy going folk to,it wont be if you have a house full of chinkies living next to you.
    back in the uk.1993 a big factory opened up in our town,there were 22 living in ONE HOUSE 100yds from us.
    Thats mighty white of you.

  10. #10
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    Quote Originally Posted by AntRobertson View Post
    Good gawd that's terrible! All 22 of them living only 100 yards from a Daily Mail reader. Those poor people.

    only read it on sundays.you know.

  11. #11
    ความรู้ลึกลับ HuangLao's Avatar
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    Wouldn't it be easier to learn Chinese and their special ways.
    They're everywhere.
    And they're taking over.

    Best become accustomed to it.


  12. #12
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    [QUOTE=HuangLao;3810092]Wouldn't it be easier to learn Chinese and their special ways.
    They're everywhere.
    And they're taking over.

    Best become accustomed to it.
    I already have as my wife is 50/50 thai/chinkie.oh I dooooooooo love Chinese.

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    Quote Originally Posted by headhunter View Post
    there were 22 living in ONE HOUSE 100yds from us.
    yeah we had a honduran family living on the next street over when i was a kid....horrible experience

  14. #14
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by Switch View Post
    I have always liked New Zealand as a country. Is this new centre left government being populist, or moving to the right?

    New Zealand is the kind of place you hope the U.K. might become one day.

    Despite some indigenous issues, and the influence of big brother Oz, I still find the country an attractive proposition.
    Generally nice easy going folk too.
    Civilised Aussies, like Canadians generally seem to be civilised Americans.

  15. #15
    hangin' around cyrille's Avatar
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    Quote Originally Posted by headhunter View Post
    my wife is 50/50 thai/chinkie
    Was it your curtain twitching 25 years ago that laid the foundations?

  16. #16
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    Quote Originally Posted by AntRobertson View Post
    Populist I'd say.

    Actually the difference in NZ politics between the 'Left' (Labour) and the 'Right' (National) is probably so marginal as to be non-existent.

    It is populist, that's for sure. However, overseas investors are certainly driving the price up of houses. Almost unaffordable now to the average bloke starting out.

  17. #17
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    I wish that could happen where I live. The Chinese have hit our market hard after British Columbia cut them off.

  18. #18
    Thailand Expat AntRobertson's Avatar
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    Quote Originally Posted by Little Chuchok
    It is populist, that's for sure. However, overseas investors are certainly driving the price up of houses. Almost unaffordable now to the average bloke starting out.
    Seen a bit of that when I was back recently.

    Just about to buy an investment place there and add to the problem.

    Mind, Auckland prices are set to fall soon they reckon.

  19. #19
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    Wherever you buy, your noxious presence will definitely be the catalyst for a huge price drop.

    Not to mention the Valiant parked outside screaming out : "I'm a wanker". Even Maoris will cringe in disgust and horror at what has become of their neighbourhood.

  20. #20
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    Make hay whiles the sun shines. Will the NZ government start taxing away "extortionate profits" on all property sales if their increase in price is above an "agreed" annual %. Will they hand the the massive tax take to NZ citizens to assist them and hence raise property prices.

    I suppose all the "foreigners" who come to live in NZ could be accommodated in luxurious accommodation. You know because they speak funny and smell.

    Are these foreigners given a visa by a NZ government agency? Are there any conditions in these visas limiting how much they can spend on a house? Maybe tax the "foreigners" house profit at 90%, that will soon highlight the racist attitude of the "whiteys".

    One wonders what the NZ citizens think about the houses price increasing due to more demand. Normally people enjoy it when house prices are rising, if you already have one.

    Capitalism, isn't it?

    It enables some to sell up and retire earlier in some Land of Smiles and become a Rachman.



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    A tray full of GOLD is not worth a moment in time.

  21. #21
    Thailand Expat AntRobertson's Avatar
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    Quote Originally Posted by Latindancer
    Wherever you buy, your noxious presence will definitely be the catalyst for a huge price drop.

    Not to mention the Valiant parked outside screaming out : "I'm a wanker". Even Maoris will cringe in disgust and horror at what has become of their neighbourhood.
    That's it, let all the butthurt out... Way to throw in a bit of casual racism there and really show your true colours also.


  22. #22
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    Part of the problem is the lack of a meaningful capital gains tax. A lot of property gets bought out and sat on for whatever time and then sold for a nice tax-free return. Meanwhile, the working stiffs get taxed from their first dollar earned. The rentier class that have been troughing it these past few decades have really made it hard for a regular worker to get into a house.
    Pues, aquí estamos.

  23. #23
    I am in Jail

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    Quote Originally Posted by harrybarracuda View Post
    Chinkies again.
    Pues aqui estamos,...en efecto!...

    Harry, are you actually blaming it all on the "Chinkies" (as you, so derogatorily label the Chinese)?

    And I suppose the Chinkies walked into the NZ Parliamentary session, 20 years ago, with the threat

    of a nuclear attack, if the Kiwis refused to allow Chinese students/immigrants, from arriving with their

    (Triad-backed) multi-million-dollar bank deposits, to purchase NZ citizenship within 5 years,...eh?

    Anyway, what does the NZ Parliament "propose" to do, now,...as a "stop-gate" measure,...against all

    those "Chinkies", who are now well-established NZ citizens?

    Just like Aussieville & BC (Canada) the local MPs were too busy with lining their personal pockets,...to give two-commonwealth-shits...

    ...about the eventual effect,... their greed, and avarice would eventually have upon their own "brethren",...as usual...(get the drift?)...

    The Chinese do,...what the Chinese do. Nothing new about that decades-old ploy,...unless certain people are just too (arrogantly) stupid,...as usual,

    to have (obviously)...not...seen the hand-writing, clearly written on the wall. The Chinese are not the real "culprits". Just the most astute opportunists.
    Last edited by TuskegeeBen; 16-08-2018 at 10:32 PM.

  24. #24
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    Quote Originally Posted by TuskegeeBen View Post
    Pues aqui estamos,...en efecto!...

    Harry, are you actually blaming it all on the "Chinkies" (as you, so derogatorily label the Chinese)?
    I even highlighted it. Are you fucking illiterate?


    Chinese investors have been among the biggest and most active offshore buyers of property in the New Zealand market.

  25. #25
    I am in Jail

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    Quote Originally Posted by harrybarracuda View Post
    I even highlighted it. Are you fucking illiterate?
    Oops!..I suppose so. Just consider the source of the post. Sorry about that,..sir!...

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