foreign buyers

 

PHOTO: ABIGAIL DOUGHERTY/STUFF In central Auckland, 75 homes sold to overseas buyers, about 8 per cent of the market.

Rules restricting non-residents from buying New Zealand homes have had a significant impact, economists say.

Nationally, buyers without New Zealand citizenship or a resident visa were 0.5 per cent of home transfers in the June 2019 quarter, down from 2.8 per cent a year earlier.

Their activity is concentrated in some parts of the market.

In central Auckland, 75 homes sold to overseas buyers, about 8 per cent of all transactions.

But even still, property statistics manager Melissa McKenzie said that was a drop of 70 per cent compared to the same time a year ago.

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