Everyone is being too optimistic about this law in NZ. It’s too watered down. Note it only bans existing homes. Foreigners can still buy new homes. (Unless that

Everyone is being too optimistic about this law in NZ. It’s too watered down. Note it only bans existing homes. Foreigners can still buy new homes. (Unless that was changed.) This may have some affect but new houses and existing houses are all in the same market. If foreign buyers all shift to buying in the new construction market they will drive up prices of new houses, force residents that might’ve been looking for a new house to buy an existing house, continuing to drive up prices of all houses. I think if we see house prices drop significantly in NZ it’ll be more to do with other economic changes than this rule. (Note: I am in favor of requiring buyers of all property to be residents of the country. I think this should be pretty standard in any country.)