New Zealand Labour Party

Malaysia’s booty is Kiwis’ lost homeownership dream

It’s unsurprising the Auckland property market is so overheated when Malaysians are being told they can live large on Kiwi’s hard-earned rent money, Labour’s Housing spokesperson Phil Twyford says.

“A Malaysian property website lists nearly 4000 New Zealand houses and boasts they work with a real estate company here to help Malaysians invest in our lucrative property market.

“At the same time radio ads are reportedly playing in Malaysia, Singapore and Queensland calling for investors to buy Auckland property and heralding the fact there is no capital gains tax or stamp duty in New Zealand. It even claims overseas investors can pocket half an average New Zealand week’s wages in rent.

“We can’t blame overseas property companies or investors for Auckland’s housing crisis. Why shouldn't they cash in on our Government's open invitation to the world's property speculators?

“The Government must take action in this year’s Budget that will lead to more houses being built and clamp down on property speculators.

“Otherwise John Key’s legacy will be a generation locked out of homeownership,” Phil Twyford says.