PHOTO: GETTY IMAGES – In June last year around 82 per cent of houses in the New Zealand were being bought by residents or citizens, with another 16 per cent of sales to businesses or corporate entities, almost all of which were wholly owned by New Zealanders.

A curb on foreign purchases of New Zealand property has passed into law, with the Government adamant the changes will help Kiwis get back on the property ladder.

The Overseas Investment Amendment Bill passed its third reading in Parliament on Wednesday night by 63 votes to 57.

The Government announced in October that it would end the purchase of existing houses by classifying them as “sensitive” under the Overseas Investment Act, and introduce a residency test.

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