Restricting foreign ownership hasn’t stopped house prices rocketing, writes Richard CramptonAnne Rothschild suggests that restricting foreign ownership is a panacea for rocketing house prices, and cites New Zealand as an example of a country that’s implemented such a policy (Letters, 23 March).What she omits to say is that in New Zealand it seems to have failed, pretty spectacularly. In the past two years, property prices in New Zealand have gone absolutely bananas, even though non-resident foreigners are now mostly locked out of the market. Housing in Auckland is now less affordable than in New York and London, according to this year’s Demographia report. Continue reading…
Source : theguardian.com
Read more…Home truths about New Zealand house prices | Letters
