Govt’s foreign buyer ban will “destroy” the housing market, says Judith Collins!
A landmark bill banning overseas buyers from purchasing existing Kiwi homes has passed into law.
But the real estate sector has hit back tonight, saying it will make little difference to house prices for New Zealand families struggling to afford their first home.
When I started in Real Estate as a salesperson back in 1997, I was fortunate to be able to have a business partner from Hong Kong, and at that time we dealt with a large percentage of Chinese buyers, but as the years ticked by we seemed to deal with them less. So I do not feel this will have a significant effect on the property market, as the demand is still high and the shortage of supply problem will take years to fix. Dominick Stephens – Westpac chief economist has come out and said that the OCR last week was a “game changer” and see’s interest rates remaining low and expects LVR restrictions to be lowered. So I really cannot see how Judith Collins can feel the housing market will be destroyed.
In Auckland, in the last year, 7.3% of all property transfers went to overseas buyers. However analysis from ASB Bank do not agree with the figures reached by Statistics New Zealand and feel that instead of the countrywide figure of 3% for overseas buyer ownership they think that the number could be nationwide of anywhere from 11% to 21% and that would have an effect, so we are about to find out.
Over the past Month I have been busy listing property and listed:
Unit 3/4 Ngaio Street, Takapuna
76A & 82A Mokoia Road, Central Birkenhead
70 Chelsea View Drive, Chatswood
77 Onetaunga Road, Chatswood
Apartment 505 Wynyard Central
Apartment 605 Wynyard Central
Please click the link below to view the Wynyard Central Development.
Have a great week everyone,