PHOTO: SUPPLIED – OIA changes would allow foreign buyers to only purchase newly built houses, but not existing stock, and Australian companies would have to go through the OIO to buy residential land.
Submissions are mounting over one of the Government’s first moves towards a foreign buyer ban, with BusinessNZ’s highlighting the damage it could cause to Australian-owned businesses.
In December last year, the Government introduced a bill to amend the Overseas Investment Act to include residential land within the category of “sensitive land”.
Housing Minister Phil Twyford said the legislative changes demonstrated the Government’s determination to make it easier for New Zealanders to buy their first home.
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