24 Aug 2014

Peters makes another attack on foreign buyers

5:12 pm on 24 August 2014

New Zealand First leader Winston Peters has made another stinging attack on foreign buyers he says are land-banking in the Auckland housing market.

New Zealand First leader Winston Peters.

New Zealand First leader Winston Peters. Photo: RNZ

Mr Peters has told a meeting in Auckland that developers have told him that foreign buyers are buying up land around the outskirts of Auckland, just waiting for the housing demand to come to them.

He spoke of a lifestyle sub-division on the outskirts of Auckland where all 22 lots have been pre-sold to Asian buyers for exactly $500,000 each.

Mr Peters said it was unheard of for sections to all sell for the same exact amount.

He said it looked seriously fishy and could be tax and price-declaration evasion.

Mr Peters said foreign investors had tax advantages not available to New Zealand home buyers and the interest rates they received were a fraction of those charged here.