20 Jun 2018

Foreign home-buyers ban 'unnecessary' - Property Institute

From Morning Report, 6:38 am on 20 June 2018

The property industry wants the government to go further and dump its proposed ban on foreign house buyers. Yesterday the government softened the rules. The new draft of the Overseas Investment Amendment bill will now allow developers to sell up to 60 percent of their apartments off-plan, without the requirement for buyers to sell within a year. The rules have been changed after warnings apartment blocks wouldn't be built without foreign buy-in. The Property Institute's chief executive Ashley Church told RNZ reporter Eva Corlett loosening the legislation would make room for housing supply.