One of New Zealand`s youngest prime ministers, Jacinda Ardern, is known for his rapprochement, and the former DJ prime minister has always done his job without procrastination.
, Jacinda Ardern had promised to the public that once he was elected prime minister, it would prohibit foreigners from buying and selling real estate in New Zealand.
At present, the first ban on foreigners from buying existing homes and land in New Zealand has officially entered Parliament to initiate legislative steps!
Today, New Zealand Trade Minister David Parker formally submits legislation to the New Zealand Parliament!
To buy time for the discussions on the Trans-Pacific Partnership Agreement and to lay the foundation for the early implementation of the New deal!
The new bill is expected to enter the first reading next week;
At the same time, as emergency legislation, New Zealand departments have given this legislation to shorten the legislative process, can be described as opening a special channel;
After the new year, new Zealand parliament will continue to read the third reading; (the third reading is the process in which most legislatures around the world pass the bill, named because it needs to be read three times.)
The implementation time is also given:
- Introduced into Congress today (Thursday);
- Enter the first reading next week;
- (a) speeding up the shortening of the "Special Committee" process through which legislation is to be enacted;
- After the New year, Congress will continue its second reading and third reading;
- Adopted and implemented by the end of March;
Civil housing to be included in the "sensitive land area"
New Zealand Housing Minister Phil Ford (Phil Twyford) and Land Information Minister Eugene Sage (Eugenie Sage) announced approval and implementation by the end of March next year!
New Zealand`s goverment said the policy change was mainly a change to the Land Act and to the existing overseas investment law, which defines residential homes as sensitive assets.
Non-New Zealand residents or New Zealand nationals will not be able to buy any New Zealand property.
Only New Zealand citizens and New Zealand permanent residents can purchase New Zealand second-hand homes directly without being audited by the overseas Investment Office.
Foreigners can build new properties and then sell them out of control, as it will add to New Zealand`s housing supply.
How many people will buy a house?
And a list of the real estate purchase ratings:
First class: citizens of New Zealand and Australia, unaffected
Second class: new Zealand permanent resident and Australian permanent resident (PR holder): you can buy a house but need to meet the requirement to stay in New Zealand for more than 183 days after a year in New Zealand.
Third class: non-second-class New Zealand permanent residents and Australian permanent residents (PR holders) and other New Zealand non-permanent resident visas: home purchases need to be reviewed by the New Zealand overseas Investment Office before they can buy property and land.
Fourth class: use real estate companies and trust agencies to buy houses: foreign capital shares more than one-fourth of the need for overseas investment office audit.
Fifth class: foreigners and overseas buyers: you can`t buy a second-hand house unless you knock over a new house and then sell it; you can buy an apartment, but you can`t live on your own after you buy it.
More than 70 percent of New Zealanders agreed to the killing of overseas buyers by the Jacinda Ardern, according to popular intentions.
What`s left of the policy?
But at the same time, the new deal has two immunities:
- The first allows anyone to buy land and build a new home for sale, thereby increasing New Zealand`s housing supply. Those who overthrow the old house for reconstruction will also be exempted.
- Second, non-New Zealand permanent resident visas may be waived if they prove that they are prepared to live and work in New Zealand for long periods of time.
But non-New Zealand, Australian citizens and PR holders must sell their homes when they leave the country or when their visas expire.
At present, since the reforms are affecting only a small number of trade policies in Singapore and New Zealand, Housing Minister PhilTwyford said that if no agreement could be reached with Singapore after New Zealand legislation, an additional article would be added to the law. Add Singapore to the same treatment as Australians.
Jacinda Ardern says, like Australia, to clean up the housing market!
Australian politicians had realised that large-scale investment by overseas buyers had affected the health of the Australian housing market as a result of the pace of housing prices rising in Australia.
But!
Even after Australia has repeatedly introduced policies such as "overseas buyers are not allowed to buy second-hand homes", "add vacancy tax", "increase land tax", "levy higher stamp duty", "cancel overseas assets can be lent to Australian banks", and so on. House prices in Australia are still not well controlled.
Australian housing market and New Zealand housing market is very similar, this new regulation once implemented and achieved good results, Australia is bound to follow up!
At the same time, Australian economists predict that during the "vacuum" period between the implementation of the New Zealand policy and Australia`s follow-up, a large number of New Zealand overseas investors and buyers will temporarily flock to Australia, and Australia`s housing market is bound to be hit by a change in New Zealand policy.
In addition to the future Australian citizens and PR can not buy the current home, it is estimated that it will not be far too far!
