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Should non-residents be able to buy NZ property?



Should non-residents be able to purchase NZ property?

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.

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Featured comments

"So a Aussie, a Samoan, a Fijian, maybe a Canadian, South African or a Englishman posted to NZ for work, bringing their wages and families to NZ cannot buy a house? Surely this is a joke?"

NZ Canadian

"Non-resident Chinese are buying up houses 10 at a time - are you kidding me? Great for Real Estate agents but no one else."

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