New Zealand’s ban on foreign buyers purchasing existing homes could impact Australia, experts say
New Zealand’s ban on foreign investors buying existing homes in an effort to tackle the housing crisis could have ramifications for Australia, experts say.
The country’s new Prime Minister Jacinda Ardern also announced plans to cut rates of immigration.
Miriam Sandkuhler, director of Property Mavens, said it was likely that some foreign buyers barred from buying in New Zealand would look to Australia.
Click PLAY above to hear more
“Auckland has had the same amount of foreign investment as Australia,” she told Tom Elliott on 3AW Drive.
“We have fair reason to be concerned around the fact that any one who no longer has the ability to buy in New Zealand will tip their money here,” she said.
She said tightening of foreign ownership laws hadn’t impacted the booming housing market.