Sales of residential property to foreign buyers have declined by 85% in the last two years

Totally! Can we speed it up?

@Shore Thing ............dont get too excited mate they only sold 324 properties ........... we had over 100,000 immigrants and over 70,00 nett new arrivals in the same period

It shows what some of us already knew , there were relatively few "foreign buyers " in the first place

And in light of the fact we built around 20,000 houses during the same period , its evident the the 300 or so foreign buyers would have had little if any effect on prices of houses

THEMAN2? :D

The BGM/Bright Glitter Merchant; govt, councils, ministers, RBNZ, Banks, raft of overpaid CEOs - are all committed to sustain the F.I.RE economy, It's hard to name one of them without any property investment. The only way/when to spot when those prices about to come down? in my view is when.. OZ/NZ banks started to follow Deutche & HSBC banks, Airlines, Tourism, Hospitality sectors.. started to shed their sales/marketing staff.. after all, what else to sell within combined 30mil populations? home loan, insurance, property. Hey, here's an idea.. why don't we tapped into around half of those.. which are still renting?.. eeek, can't afford it - we need to open the Foreign tap .. eeek.

Flawed terms : prices and sales not same thing.
As in prices are 75% up on 2013 and sale are down 35%

Yvil mate, I found an amazing investment opportunity you will be interested in. Look at that trend! https://bespokeinvest.typepad.com/.a/6a00d8349edae969e201053686334d970c…

Yep, although it didn't stop house prices going up

Indeed, racism is still very real in NZ

Rare for me but I 100% totally agree with you.
I bought my home in Auckland when I was a British citizen with only NZ residency - I have had no backlash and no 'go back to where you came from' (although some might think it). Sadly once I asked a man where he came from and he said he was Samoan - as we chatted I discovered he was born in NZ and had lived all his life in NZ and had 7 childen in NZ. He was a Kiwi of Samoan heritage whereas I was a Kiwi by citizenship ceremony. He thought I was a Kiwi.

Can I buy a house in China?
No.
Following your logic the Chinese must be racist.

Agreed, you should reported to human rights commission, we should never used the words, Chinese Restaurant, Chinese Herbal, Chinese taki awai, Spanish Flu... etc. - Anything depicted is deemed to be racist bias towards individual ethnicity, don't go back home comrade. Let's vote for the blue team, they'll open the border soon for specific GDP donation to come into propping up F.I.RE economy - spread the love making messages this is the year to do it, the year of pest/rat means just that one side have to breed gaining majority voting numbers, the other side would be taken care by RNA bugs grade by products, after all? they're the most likely to vote in rejecting CullenCGT & turned into slumlords.

"the use of headline picture is always biasd against Asians or Chinese specifically" - What? Are you implying those in the picture are Chinese? How do you know they're not just ordinary kiwis? Do they have Chinese-sounding names perhaps?

China doesn't allow any non Chinese to become a national unless you pass a nationality test (speak Putonghua) and give up your foreign passport.

In Hong Kong a perm resident is not allowed to apply for a passport irrespective of how long they have lived in the territory unless they are Chinese.

Maybe we should have the same rules until the playing field is leveled up ?

Bang on. Until they report trusts where the settlor is a foreign national the reporting isnt really of any use at all.

The Blue team said it was only 3%

It all depends on when they bought. Factoring in the exchange rate, one would have needed to have bought more than six years ago to have made a profit... This is dependent on which country you are repatriating to, some countries have more favorable long term trends than other countries. For most other countries, the present is a rather poor time to be selling an NZ asset and repatriating the proceeds. That said, the NZD has improved by around 10% compared to most other countries in the past month. This improved NZD may result in a second wave of overseas selling.

The upside, if you are a wealthy resident of a large NH city, is NZ is your plan B if and when things get really bad.

If I was in London or NY I'd have a place in Waiheke or Coromandel as my DR. That's a no brainer. There are a handful of English speaking, common law countries with a temperate climate and water/power independence.

... If a trust is majority held by foreigners, it still comes under Overseas Investment. Same for any company more than 24% owened by foreigners. Also, some may use a friend or relative, but that property still can't be transferred to the foreign owner. I can assure you, most people with money would not dump it into an asset that could never legally be theirs.

Stop being so ignorant and assuming false truths about the world.

Liked the remark, but the truth remains: Both ruling elites of Neoliberal in OZ & NZ were cozy-ed up by $ incoming into their F.I.RE economy belief via their own local banks. It's very difficult to dismantle this structure, but it can be done.
https://www.youtube.com/watch?v=MGrBCtOt4Qs

Minus the fact that Australians are still the single largest foreign ownership group, and are still exempt from the ban.

It should be giving to IRD $10m. Parking money here while we have higher than other country interest rates is just selling citizenship very cheap. There are caribbean countries that charge double that.

Do believe the tacit censor is at work here. Undesirable comment to be removed without explanation. Makes sense. Causes the perpetrators(s) to think about not only what they have said, but also what they might have said. I too have been guilty as such and met the same deserved fate. Suspect if the original post is removed those replies attached to it disappear too. Much easier on the Ed and as often, a subtle, as opposed to blunt, message can work wonders

Quite right.
The amount they buy is so small it won't matter if they are kept out of the local market ad infinitum.
After all, New Zealanders aren't allowed to buy a piddly few houses in many of their markets, either.

Those 324 would be mostly in AKL and it’s the buyer at the margin that resets the price for a given street, area or city it’s very significant.

Another aspect quite rightly pointed out before is the fact many foreigner buyers are not being counted technically as foreign buyers under the definition with many other avenues available to use for circumventing.

Mike, how is the selling going since we have gone to level 3?
Have you been doing a few appraisals and sold a few?

Straw man virtue signal combo. Nice!