Should non-residents be able to buy NZ property?

11:40 AM Tuesday Nov 20, 2012

Rich Chinese are removing their money and assets from their own country and outbidding Aucklanders on houses, a worried real estate agent says.

Ian Thornhill of Barfoot & Thompson said one wealthy Chinese buyer paid top dollar for a Market Rd, Epsom, house which had since stood empty for weeks as the deal was "just offloading some surplus funds".

"I don't think it's a good thing at all. Kiwis are getting really upset. They can't compete with Asians who have the money and they pay more. You can see Kiwis only have a certain amount of money to spend but they do stretch themselves. This is all having an impact on us. It's as plain as the nose on your face, what's happening in the auction rooms each week."

But Graham Wall, who this year has sold seven out of 11 $3 million-plus properties to foreigners, said people should be "colourblind" on race and welcome overseas buyers.

Should non-residents be able to purchase NZ property? Here is the latest selection of Your Views:

Phil (New Zealand) | 12:37PM Tuesday, 20 Nov 2012

Heck no. A major problem is rich foreigners buying up residential property - either to gain residence (nice one National) or just to dump money. Kiwi pasos cannot compete. Kiwi residential property for citizens or permanent residents only.

raegun (Bay of Plenty) | 12:37PM Tuesday, 20 Nov 2012

Thank god this is getting some traction at last. This is not just about Chinese, what needs to be included here are foreign owners of cheaper housing in the 'burbs as well.

Dollars to doughnuts, the biggest bulk of these properties owned by foreigners are being rented and I want you to ask yourself how happy are you about housing top ups, working for family monies and benefits going straight out of the public purse into foreign landlords' hands.

Not to mention the skewing of house prices, shutting kiwis out of their own country. Time for some guts and address this.

emmasmum (New Zealand) | 12:37PM Tuesday, 20 Nov 2012

Its a matter of not allowing MONEY to rule our lives, rather than xenophobia.