Hint of xenophobia in concern at foreign buyers

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.