Foreign buyer ban


PHOTO: SUPPLIED Auckland was the top region for consents because it was dominated by apartment buildings, which may have been bought off the plans before.

Expectations that foreign buyers would start using companies to get around rules stopping them buying New Zealand houses have been proved incorrect, new data shows.

Statistics New Zealand has reported a steep decline in homes being purchased by foreigners.

Just 0.5 per cent of home transfers in the June 2019 quarter were to people who were not residents or citizens, which was down from 2.8 per cent a year earlier. House transfers by corporates also decreased from 10,566 to 9987 for the same time periods.

A “transfer” refers to any change in ownership, including sales.