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Sporadic 14 July 12 2015
Sunday July 12th 2015
Chinese House Buying
It is probable that the true proportion of Auckland houses being sold to Chinese investors located offshore lies somewhere between 5% and the 39.5% estimated this weekend based upon surname data from an unidentified real estate agency’s sales from February to April. The vacuum of accurate information means formulating policy to address rising concern about foreign buying of NZ houses is extremely difficult. But even without the data it still seems sensible to at least adopt Australia’s rules restricting foreign buying of existing housing stock. We take a look at this issue in Sporadic 14 and also note that even Aussie rules aren’t in a true sense working.