New Zealand Labour Party

Chance to crack down on foreign speculators

If John Key is serious about stopping foreign speculators driving house prices out of the reach of Kiwi families, he will support Labour’s Member’s Bill to ban offshore investors from buying existing homes, Labour’s Housing spokesperson Phil Twyford says.

“My Overseas Investment (Protection of New Zealand Homebuyers) Amendment Bill is expected to get a first reading in Parliament tomorrow night. It gives National the opportunity to take a significant step to solve the housing crisis.

“The Prime Minister knows that soon-to-be-released data on who is buying property will prove what he has denied for years – that foreign speculators are having an impact on the housing market.

“Instead of tinkering around the edges with a land tax which would be difficult to administer and may not even deter offshore investors, National should simply support my Bill.

“In Australia, such a ban has resulted in foreign speculators pumping $30 billion into building new houses in the last year.

“By ignoring the housing crisis for years, the Government has created a generation of renters. The overwhelming majority of Kiwis support Labour’s policy. John Key should back them, and vote for my Bill,” Phil Twyford says.