Labour wants to ban foreign speculators from buying New Zealand homes and make property buyers who resell houses within five years pay tax on any capital gains earned – up from the current two years.
The party has set a highly ambitious target of building 100,000 affordable homes over 10 years, with 50 per cent of them in Auckland. Standalone houses in Auckland, the party says, will cost between $500,000 and $600,000 with apartments and townhouses under $500,000. Outside Auckland, houses will range from $300,000 to $500,000.
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