Foreign buyers of our domestic housing stock could be as high as 21% – PASS THE BLOODY LAW NOW!

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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%

ASB data shows the actual number of homes sold to foreign buyers in the year to March 2018 is likely between 11% & 21% nationally, not the 3% reported by Stats NZ

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…

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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.

21 COMMENTS

    • Now that the foreign buyer percentage is in line with what I’ve been trying to say for over a year now!! – Would someone now please tell Ashley Church of a so called property investor institute that he’s talking bullshit!!

      I’ve been selling houses in 2 well known companies – 90% of my buyers were foreign and I’ve watched busliads of them turn up to auctions and outbid my kiwi clients. I lived in an area of Auckland where the multi million dollar properties all around me were being bought up and then left empty or had the elderly parents planted in them. The gates were locked, no maintenance was done and there was no way of getting hold of anyone – after telling Church, he told me I didn’t know what I was talking about and blocked me.

      • Church is a total Natz cheerleader and democracy denier. He hates MMP with a passion and despises the left and will do anything to support the propertied wealthy class, as long as they vote National. He has the audacity to position himself on LinkedIn as a ‘social commentator’ when he’s just another small c conservative fascist-in-moderate clothing.

        A few months back he posted a dark hint that something shocking would be released about Labour that would ensure they would never govern at the next election, then silence. My guess would be he was part of the dirty politics smear machine that geared up to smear Clarke Gayford.

  1. 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.

  2. 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

  3. 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!

  4. 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.

  5. 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?

  6. 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.

  7. 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.

  8. Ah…? One small, itty-bitty, teensy-tiny little thing. Nothing at all really. Barely worth a mention.
    That wonderful cartoon above ??

    It depicts Lee having built state houses and jonk-E selling them off to off-shore ‘investors’. I know, I’m stating the obvious… However. It does beg the question…
    Who’s money was it that built those wonderful state houses back in the day?
    Was it Fonterra and cowsploitation?
    Was it tourism?
    The Nu/Zild/AO urban ‘tax payer’ who now, as we know, create money out of thin air from off-shore borrowing?
    Or was it the awful, lazy, worthless, grubby old primary industry fama dahlings?
    Those same farmer-few who’s money built Auckland, Hamilton, Wellington, Christchurch, Dunedin, Gore and God help us, Invercargill. And lets not forget the myriad smaller country towns that were once interconnected by farmer-money built rail. The same rail pig muldoon thought big then pulled up and did he and his cronies help to make billionaires out of the road transport cartels? And as those same cartels fuck our roads up the gullible light diesel vehicle users are rorted for RUC’s to pay for heavy transport who fuck those same roads up? I know, I repeated myself. I know, I repeated myself…
    One day, the penny will drop. Then. we, us scant few 4.7 mil, will see our beautiful NZ/AO in an entirely different way. Until then?
    Meh.

  9. 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.

  10. Good to see a reference to John A. Lee in the cartoon. I’ve got a lot of time for the man; floored yes, but aren’t we all, a real kiwi battler with one arm & big balls. Unfortunately there’s not many around like him today, if there were we’d be in much better shape. Why the hell people like Peter Jackson don’t tell out own stories by making films about local heroes like him sure beats me. Back to the real purpose of my comment; our boat is full ~ the interests of foreigners, big business & political parties are being put first ~ we’re not looking after our own ~ our infra-structure is failing ~ our environment is under severe stress & our destiny is being controlled by foreign powers & corporations. Our nation is long overdue for some serious soul searching & an almighty, inward looking shake up. Bugger the rest of the world, let’s do our own thing for once & ring fence our nation. If, at this pivotal moment in our short history, the true radicals & patriots among us awaken from their slumber, then we may be able to find the will & where withal to turn things around. Turning things around though will not be for the faint hearted; it will require the shaping of a visionary movement that is prepared to take an uncompromising & interventionist approach to the future governance of our nation. We must act now too stop all forms of foreign ownership & control, & drastically reduce immigration & our dependence on the rest of the world for our existence. We must also learn to live within our means & increase sustainable self-sufficiency & future proofing via; reducing imports ~ safe guarding key resources & infra-structure ~ land reform ~ growing, producing, manufacturing, buying our own & fair trade. In my view nothing short of a radical, red-green national salvation government would be able to get the ball rolling.

    • Thanks. Your comment spurred me to read about John A.Lee. What a hero, worthy, as you say, of a decent movie, but Peter Jackson may not be inclined to detail such social heroism.

      • Glad that you’ve been inspired to delve into the life of one of our greats who was too radical for the Labour party hierarchy. Expelled for as some say ‘talking truth to power’. Jackson; sadly more interested in big bucks from Hollywood & exploiting local talent.

  11. 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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