Clayton Mitchell New Zealand First MP

Last week, legislation banning foreign ownership of homes passed its third and final reading in Parliament. I am proud to say that New Zealand First has given its full support for the Bill to go through.

The dream of owning a quarter acre section with a house, once a reality for Kiwis, has become an unattainable goal for many hardworking families. Over the past nine years, home ownership in New Zealand has been declining, as home buyers are outbid by overseas speculators.

These investors have no ties to New Zealand and pay no tax. The houses are then sold at peak times for inflated prices, and money is taken back overseas, with no benefit to the New Zealand economy.

The implementation of this Bill will allow for the housing stock to be more available for Kiwis to purchase at realistic prices, and for the dream of home ownership to be a reality once again.

The Bill allows for targeted investment to continue and will encourage overseas investment in building multi-storied apartments, hotels and large enterprises.

New Zealand First has spoken out against the sell-off of our land and housing stock to foreign nationals since its founding days. Strengthening the Overseas Investment Act is an important aspect of our Coalition Agreement, and I am pleased to see these first steps being taken.