New Zealand Real Estate Agents have expressed their support for the government to change the foreign investor law.
Recent news has come out that Prime Minister John Key initiates to gather investor info before this year's budget. PM Key has also announced that foreign investors need to have a bank account in New Zealand including an IRD (Inland Revenue Dept.) number before they could purchase any property.
NZ Herald says that it is not only the agents that are supporting the government moves concerning the foreign property investors but also lawyers, accountants, and especially the landlords. It has been reported that the issue has become so important on Saturday when a leaked data was released by one chief agency to Chinese investors. The info is said to have an enormous upshot on the housing market in Auckland. It says that it has a "far out of proportion to the resident Auckland Chinese population."
In addition, the government was accused of inaction by Housing spokesman Phil Twyford. The Aucklanders are left unable to buy real estate properties in the area since most of the homes are taken greedily by Chinese investors who are not resident in Auckland.
Bryce Town, Lawyer of the Auckland District Law Society's property law committee, said that while his organization supports the change of Foreign Investor Law, they also questioned the practical aspects of implementing the change.
News Talk ZB reports the comments of Property investors. The investors said that the proposal of the government to oblige all foreign property buyers to have NZ bank account and IRD would also help shed light to the issue that foreign investors are a significant problem.
This preventive measure is reported to be part of the Taxation Bill that was announced by government ahead of the Budget, hoping to put brakes on the housing market of Auckland, NZ.
