Release: Kiwi home buyers’ biggest losers in National foreign buyer ban reversal

Media reports the National Party is set to allow foreign buyers to outbid New Zealanders for homes could mean no future Government could ever reverse the policy, Labour Party Spokesperson for Overseas Investment David Parker said.

“When Labour took office in 2017, almost 20 per cent of homes in central Auckland and 10 per cent of homes in the Queenstown region were being bought by overseas buyers,” David Parker said.

“Labour fixed that in our first 100 days by banning foreign buyers before the CPTPP trade deal came into effect. If that position is reversed, countries that are part of that agreement could be allowed to purchase land in New Zealand with exactly the same rights as New Zealanders.

“But it gets worse. The “most favoured nation clause” in other trade agreements means we could have to extend the CPTPP rules for investors to other countries we have free trade agreements with, such as China and the European Union.

“If a National-ACT government allow foreigners to buy up New Zealand homes again, that law change may be irreversible without violating our international trade agreements.

“The National Party is selling out young New Zealanders who are finally getting a foot on the property ladder and who will be straight to the back of the queue if National get elected.

“Kiwi home buyers, especially first home buyers, will be the biggest losers from National’s policy reversal.

“National are out of touch with the interests of New Zealanders by threatening to reverse a policy that is popular with Kiwis and is working.

“Labour believes New Zealanders should not be outbid by wealthy foreign buyers. Whether it’s a beautiful lakeside or oceanfront estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand not on the international market.

“The reports also raise serious questions about our productive farmland. Would National make it easier for foreign buyers to purchase farms? Why would we sell off our export base?

“National need to come clean on their plans to sell out New Zealand again.

“The foreign buyer ban is working. Now is not the time sell off New Zealander’s future,” David Parker said.

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