New Zealand First leader Winston Peters denies the Government’s announcement to allow foreign investors to purchase homes in NZ reflects a loosening of the foreign buyers ban introduced when he was last in power.
Peters, who has long rallied against foreign ownership of property in NZ, said a foreign investor buying a house was not a “foreigner buyer” as “they’re much more than that” and would help with “turning this economy around”.
Asked whether he expected any pushback from NZ First supporters about the loosening of the settings, Peters said: “If you can explain how less than 1% of the market is a loosening of the rules, then you’re better than me”.
“It’s not. It’s minuscule in the extreme as you can see. Again, you’re not to talk about foreign buyers,” he told the Herald.
“A foreign buyer coming in here used to be able to buy a house and just beggar off and not do a thing about investing in this country. No, if you’re a foreign investor, we have an incentive for you to come. That’s what it is.”
The NZ First leader’s comments came in an interview with the Herald moments after the Government announced that wealthy foreign investors holding an Active Investor Plus residency visa – the so-called Golden Visa – would be able to buy residential property here.
To receive an Active Investor Plus Visa, an investor needs to put at least $5 million into the NZ economy, pass a good character test and have acceptable health.
They’ll only be able to buy or build one home that is valued at a minimum of $5 million. That’s expected to make less than 1% of NZ homes eligible for purchase, or roughly 10,000, according to the Prime Minister.
There have been more than 300 applications by about 1000 people (an application may include partners and children) for the visa. The Government expects more interest after the property announcement.
Peters stressed the foreign buyers ban remained. Foreigners wouldn’t just be able to come and buy a home here without any other significant financial commitment to the NZ economy.
He said the settings created a “high ceiling” that will have “no effect on the market”.
“I don’t believe it’ll drive up property prices. It’ll see more perhaps new homes being built or homes being bought at $5 million and further done up and improved.
“That would add seriously to the job market as well. But it was always about foreign investment, not about house buying.”
Peters believed the announcement was consistent with NZ First’s values and his previous remarks on the topics of housing and foreign ownership.
“We are the ones behind and very supportive of the foreign buyers ban. The foreign buyers ban remains.
“However, for dramatically less than 1% of the market who are wishing to invest $5m, $10m or $15 million in some cases, then the right to buy a home should be an add-on. That’s all it is.”
Before the 2023 election, he said New Zealanders should not be competing with foreign buyers and the Government’s first priority was home ownership for Kiwis.
“Not allowing a gross distortion of the market by deep-pocketed foreigners who don’t care about struggling Kiwis and who just want profits and an asset bolthole if things go wrong in their own country,” he said on social media.
Asked about his previous comments in the context of the change, Peters emphasised: “they are not foreign buyers”.
“They’re not coming in to buy a $5 million home and that’s it. No,” he said.
“This is a rigidly tight system and it’s not about foreign buyers, it’s about foreign investors. That’s the difference.”
He said this policy was one way of “turning this economy around” and foreshadowed more measures will be announced at NZ First’s conference this weekend.
Peters believed the foreign investor change will “go down big time with our base because our base knows we’ve got their back, we’ve got their guard, we know what we’re doing on this matter”.
Labour says this policy will make home ownership harder for Kiwis and drive prices up, but Peters says that shows “how devoid they are of any understanding about how the market works”.
Chris Hipkins, the Labour leader, says advice the previous Government received showed that if house prices at the top end of the market increase, it has a flow-on effect to those on cheaper brackets.
Jamie Ensor is a political reporter in the NZ Herald press gallery team based at Parliament. He was previously a TV reporter and digital producer in the Newshub press gallery office. In 2025, he was a finalist for Political Journalist of the Year at the Voyager Media Awards.