Not fair to clamp down on overseas land buyers

The Real Estate Institute says it would be unfair to clamp down on overseas property buyers.

New Zealand First leader Winston Peters says the Overseas Investment Commission is too soft on foreign investors and tougher rules are needed.

His comments follow new Commission figures showing more land was transferred back into kiwi hands last year than was sold to offshore interests.

Figures show only six buyers were allowed to purchase coastal property last year.

Institute president Howard Morley says property is now an international commodity.

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