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You were outbid by people who don't look like traditional NZ inhabitants (Māori or European) but that doesn't mean they're foreign purchasers. If they've emigra

by gnat 9y ago

You were outbid by people who don't look like traditional NZ inhabitants (Māori or European) but that doesn't mean they're foreign purchasers. If they've emigrated to NZ, then they're not foreigners any more, and that couple was just doing what plenty of European New Zealanders I know are doing. Namely, buying a bunch of houses as rentals. (Whether investment properties should be a thing, and whether Capital Gains Tax would curb that, are left to a different discussion)

xupybd 9y ago
No, they are foreign nationals. They have a child studying here are and are investing in property while they're over here settling their child in. I agree that once you emigrate they're as much a New Zealander as I. But these people have not. The only problem I have with foreigners buying property here is that they are not in our economy they take any gains out of our economy. It increases the cost of living here without adding value.
- wolco 9y ago
  But they add cash value because the native seller now has whatever amount extra coming from a different economy. It will raise the prices of homes in the area as well. This will fuel growth.
  - norikki 9y ago
    What no. That's really wrong. Lets say the seller gave the rejected native buyer all the extra profit from the higher price paid by the foreigner. Say it's 10% the price of the home. It would take at least 100% of the home value for the rejected buyer to go build a new home, which is what he would have to do for the foreign sale to not raise home prices. And this is not taking into account the extra roads,power lines, police, fire, water, transportation etc that taxpayers will have to cover for that new home. The alternative of course is that natives just have to live in smaller shittier more expensive homes. Which they shouldn't be forced to do just so that some probably corrupt Chinese business man can launder money through their country.
- gnat 9y ago
  I’m totes down with blocking foreign buyers, for the same reasons as you. I just wanted to note that not every Chinese home buyer is a foreigner. Sounds like you were already aware of that. Awesome!

by gnat 9y ago

xupybd 9y ago

No, they are foreign nationals. They have a child studying here are and are investing in property while they're over here settling their child in. I agree that once you emigrate they're as much a New Zealander as I. But these people have not. The only problem I have with foreigners buying property here is that they are not in our economy they take any gains out of our economy. It increases the cost of living here without adding value.

wolco 9y ago
But they add cash value because the native seller now has whatever amount extra coming from a different economy. It will raise the prices of homes in the area as well. This will fuel growth.
- norikki 9y ago
  What no. That's really wrong. Lets say the seller gave the rejected native buyer all the extra profit from the higher price paid by the foreigner. Say it's 10% the price of the home. It would take at least 100% of the home value for the rejected buyer to go build a new home, which is what he would have to do for the foreign sale to not raise home prices. And this is not taking into account the extra roads,power lines, police, fire, water, transportation etc that taxpayers will have to cover for that new home. The alternative of course is that natives just have to live in smaller shittier more expensive homes. Which they shouldn't be forced to do just so that some probably corrupt Chinese business man can launder money through their country.
gnat 9y ago
I’m totes down with blocking foreign buyers, for the same reasons as you. I just wanted to note that not every Chinese home buyer is a foreigner. Sounds like you were already aware of that. Awesome!