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New Zealand bans non-residents from buying homes

NEW ZEALAND’S parliament passed legislation today to ban non-residents from buying homes in a bid to control runaway prices.

“We’re here today to take another step toward restoring the great New Zealand dream of home ownership,” said Associate Finance Minister David Parker.

He maintained it was the birthright of New Zealanders to buy homes at a fair price.

“This government believes that New Zealanders should not be outbid by wealthier foreign buyers,” said Mr Parker.

“Whether it’s a beautiful lakeside or ocean-front estate or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market.”

The housing market has previously been open to property speculators worldwide.

Statistics indicate that about 3 per cent of New Zealand homes are sold to foreigners, but the amount rises to 5 per cent in the scenic Queenstown region and 22 per cent in central Auckland.

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