An Auckland real estate agent has spoken out, concerned about Chinese buyers paying top dollar for properties and forcing New Zealanders out of the market.

It comes amid claims that the New Zealand property market is one of the least regulated in the world for foreign nationals with money to spend

But every time research is done into this subject, it turns up the fact that while Asian buyers may be a favourite target for the finger-pointers, they aren’t the people buying up large in this country.

The Overseas Investment Office says foreigners only need approval under certain conditions, such as when a deal is worth more than $100 million, when more than 5ha of land is involved or if the land is deemed sensitive, such as farmland or land adjoining a reserve or on the edge of a lake.

The office’s statistics show that Chinese ownership of land in New Zealand is 150ha, compared to 20,000ha owned by US investors.

British and Australian investors are by far the biggest foreign purchasers of land in New Zealand.

Between 2007 and 2011, Australian investors paid $10.6 billion in OIO transactions. They were followed by the US, with $10b, Japan at $5b and the UK at $3b. China does not even register in the lengthy list of countries that have invested. The 2002 to 2006 figures show Chinese investors were responsible for deals of just $162 million.

The argument that absentee landlords channelling Kiwi dollars back to their home nations are bad for this country is understandable but when we start drawing lines, it’s hard to know where to stop.

If a New Zealander owns a property, and is moving overseas, should they be forced to sell, even at a loss?

If someone has their property on the market, should they be forced to take a lower offer from a Kiwi resident over a better deal from a foreign buyer?

If we are going to clamp down on foreign ownership, it should affect all foreign owners – and come with a full understanding of the potential consequences.