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Nine To Noon: Foreign Buyers ban – now a slightly improved bad law

20/06/2018

The finance and expenditure select committee looking at the Overseas Investment Amendment Bill has recommended some significant changes giving overseas investors more leeway to put money into New Zealand housing developments. The changes relax the rules to allow foreign buyers to hold onto new properties bought off the plan, provided they are in large, multi-storey developments with 20 or more units and will allow foreign investors to purchase hotel units provided they are leased back to the developer or hotel. Housing Strategist, Leonie Freeman and Nick Goodall from the property analytics firm Corelogic talk to Kathryn Ryan

This is ill conceived and poorly thought out legislation. It was hastily put together as David Parker stated yesterday . Legislation in haste is not good legislation.

There are still flaws as others have pointed out.

In any event as Australians are exempt will the law actually achieve anything,other than make NZ less attractive for investment.

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