New Zealand Labour Party

Key should follow Aussie crackdown on foreign home buyers

If John Key is serious about tackling the housing crisis he should adopt moves by Australia’s Parliament to crack down on overseas speculators who are driving up prices, Labour Leader Andrew Little says.

“Australia already has a ban on foreign home buyers but a new report by the Australian Parliament recommended establishing a register that records the citizenship and residence of home buyers as well as tougher penalties for avoidance.

“Australia is doing what it can to keep the dreams of first home buyers alive. That is a huge contrast to here in New Zealand where the Government refuses to acknowledge there is a problem and won’t even collect the data on foreign home sales.

“My position on foreign buyers is clear. If you want to live here, you can buy a home here. The Kiwi home ownership dream isn’t a speculator’s plaything.

“The average house in Auckland earned more money last year than the average worker. That’s ridiculous.

“The Government has failed to fix the housing crisis and first home buyers are bearing the brunt of it with LVR mortgage restrictions and a massive shortage of affordable homes.

“If Australia can do it, so can we. It’s time National got stuck in and sorted the mess out,” Andrew Little says.