A massive drop in sales of Auckland homes to foreigners
A massive drop in sales of Auckland homes to foreigners
26 July 2019
In a drop of more than 70 percent on last year, only 75 homes in central Auckland were transferred to overseas buyers in the past three months.
Of those, 48 had Chinese tax residency.
Property statistics manager Melissa McKenzie says central Auckland's dominated by apartments, so it's not surprising to see some going to offshore owners.
Overseas transfers peaked in the June 2018 quarter, just before the Overseas Investment Amendment Act 2018 was passed, restricting sales of residential land.
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