Our MPs just love owning property

Property

New Zealand's MPs have interests in 350 properties between them - three each (2.5 if you cut out Maori land blocks); National MPs register the largest investment holdings

9th May 17, 5:31pm by Alex Tarrant

New Zealand’s parliamentarians have interests in 350 real properties, according to Parliament’s latest Register of Pecuniary Interests. This represents a shade under three properties per MP.

The headline figure is boosted by various MPs’ interests in Maori land blocks. Interest.co.nz counted 66 instances where an interest referred to one. Labour’s Adrian Rurawhe has interests in 41 Maori land holdings and his party colleagues another 11, for example.

The register covered 118 MPs’ interests as at 31 January 2017. Labour list MP Raymond Huo was not included as the Mount Albert by-election that he came in on the back of, was held in February.

By party, National’s 58 MPs recorded interests in 201 real properties. Labour’s 30 MPs 101, the Greens’ 14 MPs 20 properties, NZF’s 12 MPs 25 properties, the Maori Party’s two MPs one property (Flavell), two for Peter Dunne (UF) and none for ACT’s David Seymour.

A staggering 76 MPs declared an interest in two or more properties. Meanwhile, 51 declared an interest in three or more.

By party leader, Bill English (who lives in Wellington) recorded interests in two properties, a Dipton family home and farm; Andrew Little declared a family home in Wellington; Metiria Turei two properties in Dunedin – a family home and a castle; Winston Peters three properties - a St Mary’s Bay house and a house and land in Northland.

The 10 MPs who declared zero interest in real property were: Paul Foster-Bell (National, List), Hon Louise Upston (National, Taupō), Kris Faafoi (Labour, Mana), Peeni Henare (Labour, Tāmaki Makaurau), Marama Davidson (Green, List), James Shaw (Green, List), Darroch Ball (NZ First, List), Ria Bond (NZ First, List), Marama Fox (Māori Party, List), and David Seymour (ACT NZ, Epsom).

Many MPs, from across the spectrum declared interests in rental or investment properties, with some of these via superannuation schemes. Leaving aside Maori land interests, notable entries largely come from National Party MPs. They include:

Hon Nathan Guy (National, Ōtaki) – interests in 18 properties

Farmland, dwellings (x4) and buildings (owned by trusts), north of Levin

Family home (owned by trust), north of Levin

Rental property (owned by trust), Waikanae Beach

Rental property (owned by trust), Waitarere Beach

House (owned by trust), Thorndon, Wellington

Interests in commercial properties (x13) through Roof Above Head Superannuation Scheme’s investment in Te Waiiti Limited (Whangarei and Hastings), Volger Limited (Tauranga, Ngaruawahia, and Auckland), Tahi Investments Limited (Auckland, Hamilton, and Porirua), 265 James Ltd (Auckland, Hamilton, and Te Awamutu), and Snell LP (Morrinsville and Auckland)

Hon Amy Adams (National, Selwyn) – interests in eight properties

Farm property (owned by trust), Aylesbury

Bare land (owned by trust), Darfield

Bare land (owned by trust), Te Kauwhata

Commercial property (owned by trust), Templeton

Commercial property (owned by trust), Temuka

Residential property (owned by trust), Cromwell

Residential property (owned by trust), West Melton

Residential apartment (owned by trust), Wellington

Hon Anne Tolley (National, East Coast) – eight properties

Family home (jointly owned), Ōhope

Rental property (jointly owned), Gisborne

Shops (x4, jointly owned), Napier

Apartment (owned by superannuation scheme), Wellington

House (owned by Ronnix Trust), Napier

Dr Parmjeet Parmar (National, List) – seven properties

Residential rental property (jointly owned), Remuera, Auckland

Residential rental property (jointly owned), Half Moon Bay, Auckland

Commercial property (jointly owned), Mount Wellington, Auckland

Family home (owned by trust), Eastern Beach, Auckland

Residential rental property (owned by Ninian Holdings Limited), Manurewa, Auckland

Residential rental property (owned by Nanak Deep Investment Limited), Bucklands Beach, Auckland

Commercial and residential property (owned by R P & M Parmar Partnership), Flat Bush, Auckland

Sue Moroney (Labour, List) – four properties

Family home (jointly owned), Waikato

Rental property (jointly owned), Waikato

Apartment (jointly owned), Wellington

Holiday home (jointly owned), Coromandel

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82 Comments

by Houses Overpriced | 9th May 17, 5:39pm 1494308352

and they claim they work in the interest of the public??? its vested interest.... they are speculators themselves.. no wonder they don't mind foreigners buying and pushing up house prices.. they are the eventual winners

by Independent_Observer | 9th May 17, 5:43pm 1494308585

I'm not sure why John Key decided he wanted a 'Housing Minister' when in fact they were/are all 'Housing Ministers' after all.

by Ngrrk | 9th May 17, 5:45pm 1494308733

The worst kept secret in NZ. What a self serving bunch of *insert any number of expletives here*.
These people are in positions of power to serve the public, how do we tolerate this?

by BigDaddy | 9th May 17, 5:53pm 1494309232

Can't see why the fuss. They have remarkably small real estate holdings as compared to NZ wide investors.
Most investors I know have at least 10 flats and houses other than the family home. Half of Kiwis may be renters but that means the other half own the lot.

by J.C. | 9th May 17, 6:07pm 1494310053

Sure. If you're mixing in the same circles as Ron Hoy Fong, you've made it.

by Northland Hippy | 10th May 17, 11:45am 1494373538

I agree BigDaddy. Most people who run for parliament are already financially secure. As for even suggesting the inclusion of Maori land. The owners of Maori land can't usually use it, or sell it, or secure a loan using it as security. Most maori land is DOC land by default as the multiple ownership is unworkable. Even if all the hundreds of owners agree to sell, the Maori land court wont let them because the land came from their ancestors and belongs to their great grand children yet to be born.

by OnwardsUpwards | 9th May 17, 5:57pm 1494309451

So a green party member owns a castle. Not surprised at all.

by James Green | 10th May 17, 12:23am 1494332599

A castle in Dunedin? Probably worth as much as a typical family house in Auckland.

by PocketAces | 10th May 17, 7:07am 1494356852

Said "castle" is an ordinary 2 bedroom home that was made to look like a castle by a previous eccentric owner.

by sharetrader | 9th May 17, 6:06pm 1494309999

I have been saying this for ever, how can you change the mindset and tax treatment of investing in property when those in charge have both hands and feet in the cookie jat

by Northland Hippy | 10th May 17, 11:49am 1494373778

Should we have financially unsuccessful people running the country?

by sharetrader | 10th May 17, 11:58am 1494374294

no we should have self made business people with some doctors and teachers and other professions for balance.
at the moment we are led by lawyers farmers and property investors. have a look at the top table, a lot of lawyers and would you ever let a lawyer look after your finances

by Camel's back | 9th May 17, 6:07pm 1494310077

We must be paying them way too much.. plus the perks... didnt they used to be on a headmasters wage?

by i am not a nimby | 9th May 17, 6:19pm 1494310769

when can we stop bashing property investors?

by rastus1 | 9th May 17, 6:39pm 1494311983

When the tax bias is removed.

by Kakapo | 9th May 17, 6:47pm 1494312473

When they're dead.

by Zachary Smith | 9th May 17, 7:02pm 1494313320

This is why I have decided to put my full weight behind supporting a fourth term for National. It's Game of Thrones for real.

by Guido | 9th May 17, 7:16pm 1494314218

I guess you guys would be like House Frey, with their rent-seeking bridge and the betrayal of fellow countrymen.

by Kakapo | 9th May 17, 7:48pm 1494316085

And they'll still be cleaned out and left for dead by the Iron Bank.

by Zombie ponzi | 9th May 17, 7:22pm 1494314572

I thought it was Elysium?

by NorthernLights | 10th May 17, 6:31am 1494354711

No Zach National are The Walking Dead

by TainuiBabe | 9th May 17, 11:58pm 1494331106

I don't bash property investors because like it or not, our young kids need to rent and live independantly from their parents before they buy their own home. I value landlords for the service they provide, especially when they are taking on all the risk when property values start crashing. I never want to see my children buying at peak prices, only to see their property values plummet due to the banks initiating a credit crunch cycle.

by NorthernLights | 10th May 17, 6:40am 1494355212

Maybe stick to Maori affairs ?
Banks don't " initiate a credit crunch cycle " as you put it
The banks would simply love to keep the ponzi going
Outside forces dictate otherwise like reduced sales to foreign speculators in the housing market for one
Initiating a change in sentiment throughout the market
Banks merely follow trends they are always late

by Ocelot | 10th May 17, 9:12am 1494364376

The main reason why I need to rent is because property investors hold the majority of the land, and it's fixed in supply.

by tothepoint - d… | 9th May 17, 6:28pm 1494311293

Australian MP's appear to be property-hungry too - and some have voiced concerns about current levels of housing affordability. As recently reported in "The Shovel"........

Finance Minister Mathias Cormann says the Australian MP’s dream of having a double-digit property portfolio is becoming out of reach, with some younger politicians owning as few as two investment homes.

Mr Cormann – who owns just five properties – told a parliamentary enquiry that more had to be done to give struggling politicians a leg-up. “What we’re seeing is the creation of the haves and the have-nots,” Mr Cormann said. “You’ve got someone like Barry O’Sullivan who owns 33 properties, but then others who realistically have no way to break into the 10-house club”.

He said he was hearing more and more from his colleagues about life on struggle street. “I was speaking to George Brandis the other day – he owns just three houses with no real prospects of expanding on that in the immediate term. So we really need to look at policies we can implement to help people like George”.

He said the $273 a night entitlement – which had partly enabled as many as 65 politicians to buy property in Canberra – may need to be increased if the Government was serious about fixing the housing affordability crisis. “This first Canberra home grant has been a big help, but does it go far enough?” he asked.

by abnz1 | 9th May 17, 6:36pm 1494311767

No wonder national is in favour of property speculation and supports it all the way.

Vested interest.

by Kakapo | 9th May 17, 6:52pm 1494312733

What the hell does it even mean that wassername owns a castle? We don't have castles. Seems unlikely that she owns Lanarch Castle, so what is it? Bouncy Castle? Fairy Princess Castle? Standard house with one of those little turrets on the corner?

by Hamish | 9th May 17, 6:52pm 1494312765

This is why we have no direction and foresight as a country for growing our income and standard of living. On the whole our MPs have no better ideas themselves than speculating on property.

by Zachary Smith | 9th May 17, 6:59pm 1494313140

Are there examples out there of governments having direction and foresight? Singapore under Lee? China under Deng Xiaoping? Any Western models?

by sharetrader | 9th May 17, 7:21pm 1494314519

norway, has about the same population as us
the difference is they invested for the future not sold everything they could

https://www.ofwealth.com/the-richest-country-in-the-world-is-on-sale/

by Zachary Smith | 10th May 17, 11:39am 1494373188

While I applaud what Norway has done they did have an advantage:

Norway has enjoyed, and continues to enjoy, a natural resource bonanza from North Sea oil and gas. The first oil was struck in 1969 and production is expected to last another 60 years.

New Zealand could have followed this model if they kept their population at around 2m.

by ham n eggs | 10th May 17, 12:37pm 1494376622

Norway has begun dipping into the rainy day funds courtesy of low Oil prices ... and of course it has one of the largest holdings in mining co Glencore ... which appears to be doing quite nicely courtesy stripping other countries resources...
https://www.youtube.com/watch?v=WNYemuiAOfU

by vl1975nz | 9th May 17, 7:16pm 1494314217

Sad that NZ has no leader with vision and in the name of NZ are working to boost their profit.

Though all are same but for now Vote for change.

by Trying to build | 9th May 17, 7:23pm 1494314593

It would be interesting to see when they bought their rental properties and whether they are currently purchasing new properties to add to their portfolios

by sharetrader | 9th May 17, 9:13pm 1494321238

the worst part is we the tax payer are paying some of them off through the MP out of town housing allowances.
funny how so many own apartments, houses in wellington as part of a personal super fund

Wellington accommodation payment: general
(1) Clauses 30 and 31 apply in respect of a member of Parliament’s
Wellington accommodation expenses if—
(a) the member’s home base is outside the Wellington commuting
area; and
(b) the member is not provided with a residence at the public
cost.
(2) The maximum amount that may be paid to a member under
clauses 30 and 31 is $28,000 per year

by RickStrauss | 9th May 17, 10:51pm 1494327115

While others - see where they list the property as being owned by a superannuation scheme - are using a loophole to get taxpayers to pay the mortgage on a house of their own that they are "renting":

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11154765

by sharetrader | 10th May 17, 12:32am 1494333157

the other loophole is junior (first time) MPs rent the cabinet ministers house or apartment whilst they stay in a ministerial property.
that way they still get to use tax payers funds to pay off the property.
so many using tax advantages and tax payer funds to enrich themselves, why would they want to change the rules.
second would it not be better to build an apartment block next to parliament to house the MPS, you could house first time MPs n the ground floor and as you become more senior you work your way up to the PM's rooftop penthouse.
would be a lot cheaper to run than the present setups

by NorthernLights | 10th May 17, 6:45am 1494355528

Remember PM Bill English was caught collecting $$ entitlement for accommodation he later was found he should not have been
So much for working for NZers !
National is filled with opportunists like Bill English who take every handout they can get
Worse he would consider himself a good catholic !
These people like the ponytail puller are in it for themselves They crave power

by tothepoint - d… | 9th May 17, 8:11pm 1494317491

If it wasn't for this mischief, they'd be up to some other mischief......

by Fritz | 9th May 17, 8:44pm 1494319466

Bring the crash...

by Ocelot | 10th May 17, 9:14am 1494364453

When you control the rules of the marketplace, you get to modify the rules to prevent a crash.

by SmoKey | 9th May 17, 8:49pm 1494319748

At least they are investing in their own country, unlike politicians in many countries who invest in overseas properties and other assets.
Next up, each MP should declare the income and taxes ?

by NorthernLights | 10th May 17, 6:47am 1494355624

and Hawaii

by Jram026 | 9th May 17, 9:20pm 1494321603

If you think this is bad, wait till you see what the crown owns... I mean the queen.. I mean the people....

by Jram026 | 9th May 17, 9:20pm 1494321603

If you think this is bad, wait till you see what the crown owns... I mean the queen.. I mean the people....

by NorthernLights | 9th May 17, 9:45pm 1494323151

No Surprises
Every accountant in NZ I've ever met advised me to borrow and buy investment properties
Houses being the ideal as easier than commercial to sell if requiring cash

by abnz1 | 9th May 17, 10:19pm 1494325169

Greed and corruption. No wonder people world over are fed up with so called politicans. Time for change.

by THE MAN 2 | 9th May 17, 10:26pm 1494325597

Would you rather have your politicians being on the bones of their butts, with no assets?
That would be a great idea having our politicians running the country and not having a clue on how to invest!
As Big Daddy says on average you couldn't say that they were large property owners!
For all we know a lot of the property could have been inherited and even if it wasn't, why should we care?
No point being jealous of others as it only makes you nasty and at the end of the day, it is up to everyone to get off their butts to improve our lot.

by Guido | 9th May 17, 10:38pm 1494326332

Roads are made, streets are made, services are improved, electric
light turns night into day, water is brought from reservoirs a hundred
miles off in the mountains -- and all the while the landlord sits still.
- Winston Churchill

Do you even get off your butt?

by THE MAN 2 | 10th May 17, 11:07am 1494371236

Guido, yes I do get off my butt.
I do maintenance on property, keep,an eye on tenants and purchase more property.
I am providing a service to the people who don't want to own their own home.

by Wildcard | 10th May 17, 11:12am 1494371536

By "don't want to own" you mean "can't afford to save a deposit due to the high cost of renting and living."

by Zachary Smith | 10th May 17, 11:36am 1494372962

I don't think Winston Churchill is a good model to follow. He was notoriously poor at managing his money and some claim that a secret organization bailed him out from bankruptcy.

by Independent_Observer | 9th May 17, 10:45pm 1494326727

At what point do you take your own advice? I.e get off your butt and do something useful other than buying up limited housing supply using the banks money (or even worse risk that of a depositor) then proceeding to take money from the needy in the form of rent? Now that's nasty.

by THE MAN 2 | 10th May 17, 11:08am 1494371317

Observer, there is not limited housing supply at all.
There are plenty of housing that can be purchased by anyone in NZ that wants or needs to own a home or investment.

by Independent_Observer | 10th May 17, 11:15am 1494371723

That can't be true - our politicians tell us it's a supply issue.

And if our housing market functions as a free market, our prices wouldn't be elevated at 10 times income.

So it's not a supply issue, it must be a price issue. Meaning there's irrationality in the market, meaning we're in for one hell of a correction.

by Wildcard | 10th May 17, 11:16am 1494371813

Housing that is in tiny provincial cities and away from friends, family, cities, jobs, decent salaries and large populations of people.

by THE MAN 2 | 10th May 17, 12:09pm 1494374948

Wildcard, The average pay rate is no higher in Auckland than anywhere else in Nz.
Plenty of property to buy in Auckland if you want to we keep getting told TradeMe Property no.s.
Get out of your comfort zone and do something.
The opportunities exist for most people if they are oreoRed to take them.

by swapacrate | 10th May 17, 1:05am 1494335134

I wouldnt care if they made millions through their own hard graft and risk and were true entreprenuers who built companies like Xero, some Bio Tech company or a business that was useful and truely enterprising which helped NZers out. But they have taken the easy route and have a vested interest in property, and keeping the property market inflated at record prices. So now property prices are beyond FHB and NZers who are on low wages, the Government has no incentive to decrease prices and help these people out.

You've got to question why they are keeping immigration levels high and allowing foreign investment to inflate our property prices. Its not a good look.

by THE MAN 2 | 10th May 17, 11:11am 1494371479

Swapcrate, professional landlords, that is full time that provide housing to people that don't want to own, are running a business.
They are entrepreneurs and employ people and they pay tax just like any other business except there is less chance that it will go broke providing they know what they are doing!

by Independent_Observer | 10th May 17, 11:16am 1494371811

TM2 - I noticed that you stated that you're running a business again. Are you paying the business rate of lending from the banks then?

by Wildcard | 10th May 17, 11:53am 1494374032

He sure as sh!t isn't paying 10% on his loans for his "business."

by Independent_Observer | 10th May 17, 11:37am 1494373020

Does anyone have a link to business lending rates?

And am I right in saying that landlords who operate a 'business' get their lending at the residential rate? While those running actual business that employ people and grow the economy pay a higher rate? If this is true - the policy is outrageous and needs to be changed.

by Wildcard | 10th May 17, 11:53am 1494374006

I found that Interest has a page on business loan rates :)

I'm not sure how up to date the page is, but the interest rates there vary from 4.5% (ish) to 15%. So I guess if you buy a house and rent it out as your 'business,' you'll pay a lower interest rate than if you borrowed from the bank to expand/start your actual business. You have to take into account that residential 'business' loans are secured against the house/another house's equity though, allowing a lower interest rate via lower risk.

by THE MAN 2 | 10th May 17, 12:10pm 1494375050

Yes the correct rate for business people that have landed security.
Pay the same tax rate as other businesses as well.

by NorthernLights | 10th May 17, 6:50am 1494355813

The Man 5
I'd rather our politicians restrain themselves from taking illegal accommodation allowances Bill E
and restrain themselves from pulling ponytails of young women when asked to J K
Then there's M Williamson but I would require more time

by rmnz | 11th May 17, 5:18pm 1494479925

Why do you continually insist that everyone with a different opinion to yours is lazy/jealous/nasty etc?

I for one would rather we not have politicians who control the leavers of power on their own vested interests. I realise that is never likely to happen but for anyone to claim that politicians own financial considerations don't have an impact on their political decisions is deluding themselves.

by keywest | 9th May 17, 10:38pm 1494326314

I think some of these MP's also own cars and boats, so they must be climate change deniers and anti fish conservationists...

by Rob | 10th May 17, 12:50am 1494334244

Do they have to declare a conflict of interest over any decision or vote involving property?

by notch | 10th May 17, 2:26am 1494339992

Its simple, legal, tax avoidance. Why should MP's want to pair their more tax than the average joe?

by NorthernLights | 10th May 17, 6:52am 1494355932

After NINE YEARS. Anyone who thinks National has any answers is a certifiable fool
Probable Trump voter if in US
No intellect

by abnz1 | 10th May 17, 7:18am 1494357527

Ground reality is people want change from National.

Last few months of national government.

9 Years is too long a time to rule. Also time for change.

by Zachary Smith | 10th May 17, 8:10am 1494360652

National will win.

by Ex Expat | 10th May 17, 9:39am 1494365997

Agree, albeit Winston will be in there as well as voters like myself shift from National to NZ First as a shot across the bows. Hopefully Dr Nick Smith will be put out to pasture as well.

by abnz1 | 10th May 17, 9:44am 1494366246

Elections not too far away :)

by nymad | 10th May 17, 8:15am 1494360927

Regardless of the scope of their portfolios, the issue is the fact that we can see tangible evidence for the potential of rent seeking behavior.
It's hard to believe that even the most altruistic of politicians would opt for personal financial loss to increase economic welfare.

Sortition might be the answer, again..

by sharetrader | 10th May 17, 8:13am 1494360822

why do you think they set the bright line test at two years when a MP term is three years, gives ample time to buy and sell in wellington whilst not having to pay.
they now are looking after themselves first and foremost before the nation, do we really want politicians that will take every and all opportunities to enrich themselves off the NZ taxpayer,
what happened to going in to make a difference and service to your country

by notaneconomist | 10th May 17, 2:08pm 1494382117

Maybe the problem is the people who post on here and other places Sharetrader, those who's opinions are confusing at best...........I would expect all politicians to uphold the constitutional rights of the people.....this means ensuring the parliament does not pass BS legislation that contravens those RIGHTS......so LGA, Buliding Act, RMA etc should all be gone........BUT we have taxpayers many on here whinging that they want politicians to serve their personal needs as apparently that is service to one's country, which is an oxymoron!

by swapacrate | 10th May 17, 6:54pm 1494399298

Look after the constitutional rights of the people, I wish I had your faith in human beings. Human beings with all the frailities that come with greed and fear.

Especially human beings where most have not had real jobs, and live in a bubble, and see NZers as druggies and hopeless. They also see us as a way to hold power so will say whatever it takes to govern, and then do the opposite once they get in.

by Boatman | 10th May 17, 10:08am 1494367708

Okay , so there are two things that are never going to get through Parliament :-

The first is Capital Gains Tax
The second is any new laws that restrict speculative activity in the property market

by Better things to do | 10th May 17, 10:52am 1494370359

Not Sure if it has been mentioned in the comments, but I did hear (on a popular Talk radio station) that one MP with 2 or 3 properties still has a Student Loan!! Not impressed! Surely your constituents would not be impressed, I am not.. pay it off.. your Country needs the money...

by JimmyNZ | 10th May 17, 3:21pm 1494386517

This is not a surprising fact, everywhere around the world most rich people own properties, most politicians own properties. Some people do not own many properties but own company shares, so property ownership is sort of investment or some sort of saving such as Kiwisaver. What do you do with your surplus/saving money?

by JimmyNZ | 10th May 17, 3:27pm 1494386858

If we look at National and Labour MPs' property ownership numbers, each of them on average own 3.5 properties. So either National or Labour takes power in next election, do not expect much changes in housing tax policy as well as other economic policies. Anyone in power needs to maintain financial stability and economic growth.