Fall of 80% in home transfers to overseas buyers
Property transfer statistics for the March 2019 quarter show that home transfers to people who didn't hold New Zealand citizenship or a resident visa fell 81% in the March 2019 quarter when compared with with the same quarter a year ago.
Statistics New Zealand says there were 204 home transfers to people who didn't hold New Zealand citizenship or a resident visa in the March 2019 quarter.
This compared to 1,083 transfers in the March 2018 quarter. Total home transfers fell 3.5% over the same period.
Overseas people acquired 0.6% of homes transferred in the first quarter of 2019. The share of home transfers to overseas people peaked at 3.3% in the March 2018 quarter before changes to the law.
The Overseas Investment Amendment Act 2018 came into force on 22 October 2018, preventing most people who don't hold New Zealand citizenship or a resident visa from buying residential property in New Zealand.
Last updated on the 16th September 2019