NZ banned foreign ownership just over a year ago. Does Australia need to follow suit?

PHOTO: Home ownership has reached historic lows in New Zealand.

It’s been just over a year since NZ banned foreign ownership of housing.

With a market that largely parallels Australia’s own in regards to laws, policies, affordability and availability problems, has the restriction on foreign investment actually worked when it comes to enabling first-home buyers and native New Zealanders to get a foothold in the residential market?

Home ownership has reached historical low levels in New Zealand, with ownership the lowest it’s been since 1951. Only a quarter of adults under the age of 40 own their own home now, compared to half in 1991.

In the 2017-18 financial year, immigration to New Zealand grew by 19 per cent and with limited housing supply, Jacinda Ardern’s Labour government was under pressure to introduce dramatic changes to housing policy.

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