Foreign buyer ban


PHOTO: Foreign buyer ban

The Government’s foreign buyer ban has seen a significant drop in home ownership by overseas residents, new Statistics New Zealand data shows.

House sales to overseas buyers dropped 81 per cent in the March quarter compared to the same time last year.

Stats NZ property statistics manager Melissa McKenzie said the law changes late last year that introduced restrictions for overseas buyers played a big part in this drop.

Property commentator Ashley Church joined the Weekend Collective to this the effect the ban has had, if anything, on house affordability, and if the ban was worthwhile at all.