New Zealand’s new coalition government restricts overseas property buyers

New Zealand’s new coalition government has new restrictions on immigration and overseas property buyers. New Zealand prime minister-elect Jacinda Arden made the announcement recently. Under the new rules, foreign buyers will no longer be able to purchase existing houses but can still buy new properties, a policy similar to the one introduced in Australia.

Australia's Ray White Chairman Brian White, says that New Zealand’s recent decision to halt foreign investment in housing could benefit Australia. White said the move could push overseas buyers into Australian property.

Arden was officially sworn in as PM on Thursday and leads a three-party coalition government consisting of Labour, New Zealand First and the Greens.

File Picture: Jacinda Ardern at the University of Auckland