PHOTO: 123RF – Auckland’s houses continue to sell for very high prices, and the city needs to build up, and out, the IMF said.

The New Zealand economy is in a good place, but it should drop its plan to ban foreigners from buying houses.

Speaking to Radio New Zealand, the International Monetary Fund’s (IMF) Mission Chief for Australia and New Zealand Thomas Helbling said foreign buyer bans overseas had not worked.

Putting controls on capital flows into the country, which New Zealand depends on more heavily than most developed countries, were only appropriate where there were very large, disruptive inflows of money.

NEW ZEALAND PROPERTY NEWS –  JOIN OUR 15,000 PLUS SUBSCRIBERS
 

READ MORE VIA STUFF

[wdi_feed id=”1″]