PHOTO: CALLUM MCGILLIVRAY/STUFF – Law said Chinese buyers liked safe property investments that were easy to manage.
A rush of foreign buyers snapped up New Zealand homes, trying to get in to the market before a law change made it impossible to do so, new data suggests.
Changes to the Overseas Investment Amendment Act prohibiting foreign buyers purchasing existing residential property in New Zealand will take effect on Monday.
But Chinese international real estate website Juwai said buyers had tried to beat it.
There was a 59 per cent increase in Chinese buyer inquiries on New Zealand residential property on the site in the third quarter of this year.
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