Prime Minister Jacinda Ardern and Trade Minister David Parker discuss the “clean” solution. (Getty Images)

Oz Kiwi opinion

New Zealand introduces new legislation to ban foreigner speculators from buying property there.

Anyone who was not either a citizen or resident of New Zealand would not be allowed to purchase existing homes.

Australians would still be able to buy homes – as Kiwis do in Australia.

NZ Labour bans foreign speculators buying existing homes

Prime Minister Jacinda Ardern and Trade Minister David Parker announce the ban on foreign investors in the residential housing market.

The Government will end foreign buying of existing houses by classifying them all as “sensitive” under the Overseas Investment Act, Prime Minister Jacinda Ardern says.

Anyone who was not either a citizen or resident of New Zealand would not be allowed to purchase existing homes.

Ardern and Parker walk into the press conference. (Kevin Stent/Stuff)

“The Government will introduce an amendment to the Overseas Investment Act to classify housing as ‘sensitive’ and introduce a residency test,” Ardern said in her first post-cabinet press conference.

Prime Minister Jacinda Ardern and Trade Minister David Parker announce the ban on foreign investors in the residential housing market

Ardern expected the legislation would be introduced by Christmas and passed in the new year.

“This does not impact our Korean FTA, nor will it impact the TPP – if we pass it before it takes effect,” Trade Minister David Parker said.

“Our underlying ethos here has been that if you have the right to live here long-term you have the right to buy here.”

Foreigners would still be able to buy land and develop housing on it for on-sale. Australians would have a special carve-out to still be able to buy homes – as Kiwis do in Australia.

[Read the full Stuff article].