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Foreigners snapping up NZ homes before curbs kick in

Posted by propertynews on June 8, 2018
| June
| 0

WELLINGTON • Foreign investors are racing to buy New Zealand homes before rules that limit overseas sales are enshrined in law.

In the South Island resort town of Queenstown, about 10 per cent of home transfers in the first quarter were to people without New Zealand citizenship or a resident visa, Statistics New Zealand said yesterday. That’s almost double the share of the previous three months.

In Auckland, the proportion rose for a second straight quarter, climbing as high as 19 per cent in some suburbs of the nation’s biggest city.

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