New zealand votes to restrict foreign property investment

6 in 10 New Zealand landlords, agents and property managers said that foreign property investment should be restricted, according to a new survey.

A quarter said they had no issue with overseas buyers snapping up investment properties in the country, where house prices have repeatedly set new records in recent months. 14 per cent, though, said they were completed opposed to the practice, according to Crockers Property Investment Index.

The survey follows debate about the issue ahead of September's general election, with the Labour party promising to ban overseas investment in existing homes, in an attempt to slow down rising Auckland prices.

The issue echoes similar concerns in Australia, where many believe that overseas investment is fuelling a potential housing bubble.

Source: OPP Connect