While the Government tells Millennials and Gen Xers to go fuck themselves by allowing foreigners to continue to buy, manipulate and over inflate the apartment market, new information has come to light to suggest the offical stats claiming only 3% of foreigners are buying our domestic housing stock is total bullshit and the number could be as high as 21%
New research shows the number of non-New Zealanders buying New Zealand homes could be at least four times higher than official figures are suggesting.
ASB says this shows the Government’s ban on foreigners buying houses will have a “significant effect on the local property market.”
Last month, Statistics New Zealand released new figures showing that nationally, roughly 3% of all home sales were to overseas buyers over the March 2018 year.
The data included citizenship information or visa status of people transferring property, as well as information on their tax residency.
ASB Senior Economist Mark Smith says although the Stats NZ figures are accurate, they need to be broader when looking at overseas buyers.
“Once you take into account increased migration and offshore holdings from people using companies, it will be much larger than 3%.”
He says a further 8% of purchases were made by New Zealand visa holders, and 10% were purchased by corporate entities – the citizen status of which is unknown.
As such, he says anywhere from 11% to 21% of reported purchases involved a non-NZ citizen, over the March 2018 year.
Stats NZ figures were always rigged to hide the true extent of foreign speculation in our housing market. National’s much vaunted ‘rock star economy’ was simply a speculative housing market propped up by endless migration, and these ‘stats’ were window-dressing to pretend like National was responding to concerns.
This is a Public Sector that fuelled the meth hysteria, what these liars have to say about anything should be taken with a grain of salt.
We also see this under reporting and manipulation of stats in our suicide rates…
Number of suicides may be three times as high as recorded
The country’s suicide rate may be three times as high as official figures suggest.The most recent statistics put New Zealand’s suicide rate at about 11 people a week, almost 570 in a full year.
But Timaru GP Dr Oliver Bourke told Fairfax Media coroners won’t rule a death as suicide unless it’s very clear the person intended taking their own life.
Dr Bourke said deaths will be classified in a different category, such as an accident, or the cause will go down as undetermined – what’s known as an “open verdict”.
…we have State Departments more focused on protecting their own arses by fiddling the stats than actually providing insight.
This Government must pass the laws to ban foreign ownership immediately so that we can finally get a domestic housing market where NZers are only competing against NZers for houses, rather than competing with the middle classes of nations 50 times our size.
yes agree Martyn there will be many hidden purchases
If you were overseas why would you not hide the purchase? With talk of overseas buyers being shut out of the ever increasing subsidies the first thing you would do is ensure your investment was protected.
Protect the locals NOW you useless fucks.
You know what would happen if there was a true ban on all foreign buyers, we would have a housing prices crash, and middle NZ would be up in arms and call for National’s “rescue”.
Hence the back down by Labour and NZ First, to now allow foreign investors buy into planned apartment complexes and so.
They are scared stiff of the market crash that would make house prices and rents more affordable again, the property owning little landlords would hate it, as it would make them lose asset values and income.
Strange really that all those always promoting and praising market mechanisms do all to prevent the market from adjusting, when it should normally do under capitalist economics.
Allowing NZ’s domestic housing market be turned into an international market place has led to the shambles we have now.
If Labour were so worried about rental shortages and prices going up, why then take away the ability to claim interest on the mortgages?
Why are they selling the so called affordable Tamaki houses for $863,000+ under secrecy about what the developers buys for the public land while the 400 affordable houses have not materialised???
No word from Shane Jones on this one, even though plenty to say on Air NZ, Fonterra… weird that they only feel ok disagreeing with mostly NZ owned companies but have little to say on housing routs and foreign buyers – might explain why NZFirst is about to go down the gurgler..
The Labour government are all over the place, taking every right wing trougher’s lies, hook, line and sinker showing in it’s schizophenic policy based on false hoods that don’t add up practically.
The government need to grow a brain as well as some balls.
Ban the foreign buyers and tighten up immigration, OIA, RMA and have massive jail and fines in place in particular around human trafficking, labour violations in key areas aka construction and hospitality, fraud and satellite families aka the cockoo welfare where we are incubating children and elderly of rich foreign based families while enslaving our own kids with low wages and high costs, our councils with massive debts to pay for all the new roads, hospitals, houses, sewerage, and our elderly with carers that speak little English and don’t know NZ laws.
Notice this little warning from grey power way back in 2011! Already we are hearing how we can’t possibly afford super and it has to be means tested…
http://www.scoop.co.nz/stories/PO1110/S00572/grey-power-warns-of-impact-of-high-immigration-rates.htm
Baby Boomers are past their sell by date. Time to bring in fresh blood and bigger wallets until they too pass their sell by dates.
+100 SAVENZ… under the jonkey Nactional government New Zealand’s elderly were short-changed in the public health system….there needs to be a Commission of Inquiry into this and how effective the Health and Disability Commission is in safeguarding New Zealanders rights
Well said. I’m personally tired of being screwed over and every wealthy trougher in town and those dimwits from MBIE government types who can’t even count, going on about affordable houses to take away democratic rights and public assets while doing the dirty and driving up house prices by trying to attract as many foreign buyers as possible.
Also race relations and commerce commission should do a joint discrimination sting on the bank interest rates. Funny enough all the people I know how are Asian both resident and non resident are being offered lower interest rates 4.09% pa while the Kiwis are being offered at best 4.19 pa and often 4.25% pa. If you are a first home buyer it’s much more!
Enquiry needed to see if banks are ‘raced’ based charging on interest rates, giving lower rates to people that can borrow overseas cheaper and of course making it even harder for local people to compete.
We all know how NZ banks earn 15% higher fees than the Ozzie banks are they race based pricing as well to profit off the Kiwis who they consider lazy and stupid and easily duped?
I’m didn’t use to be against immigration or even foreign sales if it was limited and beneficial to kiwis, but unfortunately Kiwis are fast becoming tenants in their own country paying welfare for rich people’s satellite families, in particular on businesses, natural assets and commercial property as well as residential property in Auckland, which the foreign property laws don’t even address the former issues!
I hope the TWG is looking seriously at how to tax housing equity. An overseas owner as a tax resident would be taxed on the value of the asset less any registered NZ bank mortgage with no exemption for owner occupation. I suspect that the TWG is so busy consulting with the public they wont have time to iron out the wrinkles in a net equity tax so that we get presented with a workable fair alternative to an unworkable capital gains tax. Sigh
Intermediaries assume no liability. Only way to disinfect these ticks is to raise interest rates. We can quibble about this all we want. Fact remains – raise rates.
I always treat NZ government figures, even those of Statistics NZ, with a grain of salt.
And also do I take a cautionary approach towards projections, forecasts and comments by trading bank economists and other ‘experts’.
Someone who worked at the Stats Dept years ago told me that the way they gather data always involves a bit of a rounding up and down, sometimes the true figures, e.g. compared to Census ones, could be significantly different.
So there you go, who do you believe in this place on earth?
well the gnats told lots of lies about immigration and too many stupid nzders believed them when they claimed it was mostly NZers returning home when in fact it wasn’t it was more foreigners coming here to buy up our houses and drive down our wages.
As the Asian taxi driver returned me from hospital he proudly pointed to three former State Houses he owned near the Chinese baptist church at One Tree Hill.
We can see the problem, we can see the effects, the important question is TO ACHIEVE WHAT!
At the last census the unemployment figures were 1% higher than the official stats – as in 6% was really 7% – and since then they changed the definition of unemployed to not include people looking for work online which shaved another 0.5% off.
Isn’t it odd? For the past 10 years real estate agents and the banks have been telling us that “overseas investors” have a minimal impact on New Zealand’s housing market. Now they’re saying the market will crash without them. Is it possible they’ve been lying to us all this time?
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