27 Feb 2015

Not time for foreign investor fee - Minister

6:49 pm on 27 February 2015

The Finance Minister says the housing market's supply conditions need to be improved before a thought can be given to introducing a fee for foreign investors buying up properties here.

Finance Minister Bill English talks about rising house prices in Auckland.

Finance Minister Bill English talking about rising house prices in Auckland earlier this month. Photo: RNZ / Alexander Robertson

It comes after the Australian government yesterday proposed fees of at least $5000 for foreign buyers of homes and businesses.

Bill English said it was a "wait and see" game as to whether New Zealand would consider doing something similar.

He said when 25 percent of people living in Auckland were not from there, it made it difficult to tell who was a foreigner and who was not.