Data on foreign ownership of housing is limited, making it difficult to get a clear picture of the impact of overseas buyers. Defining "foreign" is problematic; it could, for instance, include New Zealand citizens living offshore.
What is clear is that Asian New Zealanders continue to be at risk of being viewed as foreigners. The 2013 Census found nearly one in four Aucklanders belongs to the broad Asian ethnic grouping. This includes New Zealand-born people of Asian heritage, long-time residents of New Zealand, and more recent migrants. But in debates about the impact of "Asian buyers" on housing, there is rarely any distinction made.
Investment from Asia, and particularly mainland China, has been an emotive issue in recent years, for example in Shanghai Pengxin's purchase of dairy farms previously owned by the Crafar family. Notably, these farms were the winners of the Supreme Business Award at the BNZ New Zealand Chinese Business Awards, and now include 12 New Zealand farmers among their shareholders. Several million dollars of improvements have been added to those farms and their overall productivity has increased.
As chairman of DairyNZ as well as of the Asia New Zealand Foundation, I'm well aware of the positive impacts of investment. But the facts about overseas investment are not well understood.
In 2014, China's foreign direct investment in New Zealand was $642 million - less than one per cent of the total foreign direct investment. If you add together all investment from Asian countries in New Zealand, the sum is less than investment from Australia alone.
Fears of foreigners "buying up" New Zealand are nothing new. But investments by people of Asian ethnicity continue to attract more attention than those by buyers from Australia, Europe or the US. In discussions about investment, there is a need to guard against prejudice.
New Zealanders still aren't as familiar with the countries and cultures of Asia as they are with Australia, Europe or the US. This will need to change if we are going to engage confidently with Asian countries and their peoples as equals.
John Luxton is chairman of the Asia New Zealand Foundation.