Bill to ban foreign investors

It would stop anyone who was not a citizen from buying any existing residential property.

The bill still must be drawn from the ballot before it will be given a reading in Parliament.

Phil Twyford said his member’s bill was a response to the current housing market situation. He said the loan-to-value restrictions had driven first-home buyers out of the market.

“The average house price in Auckland went up $677 a day in November. Census data released this week showed home ownership has dropped from 67 per cent to 65 per cent nationally since 2006.