Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5974
    -0.0001 (-0.02%)
     
  • NZD/EUR

    0.5540
    +0.0007 (+0.13%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.3630
    -0.0300 (-0.03%)
     

Foreign buyers register gets polarising views in NZ

A property marketer in China is welcoming Australian plans for a foreign buyers register.

The Australian Government is proposing all foreign owners of residential and agricultural property be registered.

Simon Henry of Chinese property website Juwai says a register would provide concrete data, valuable to the debate about foreign homeowners.

"Any suggestion or outcomes should be based on data. At the moment it's all based on guesswork."

But Henry isn't keen on Australian plans to levy foreigners when they apply to buy a house, saying it would stifle immigration and investment.

"As most people know, when you're looking to buy a house you may go and bid on 10 or 15 or 20 different auctions.

ADVERTISEMENT

"The way that it's currently stated is that you'd have to get permission for every single one of those offers which you make."

Henry thinks charging foreign buyers in Australia or New Zealand would deter a lot of vital foreign investment.

The New Zealand real estate industry is echoing calls for a foreign buyers register.

Colleen Milne, the Real Estate Institute's new CEO, says a register would help fill a need for data.

"More information would definitely be useful. We don't know what that percentage is and I think people think it's a lot higher than it is."

On the issue of levying foreign buyers, Colleen Milne doubts it would solve price speculation issues.

However, Australian plans to levy foreign buyers are being questioned by one New Zealand realtor.

Pete Whalan of Bayleys Canterbury has dealt with many foreign buyers.

He doubts the levies being proposed across the Tasman will act as a deterrent.

"They're talking about a $5000 fee for someone wanting to buy a million-dollar property.

"Doesn't seem to be a lot of money."

Whalan says there needs to be more concrete evidence that foreign buyers are a problem, before such measures are proposed here.

Property peddlers are calling for fairness, over new plans across the Tasman to levy foreign house buyers.

A proposal in Australia could see foreign buyers paying up to $10,000 dollars, each time they apply to buy property.