The Pencilsword: Rent rage
Friday 29th July 2016
Correction: A previous version of this story said 25 percent of 20-29 year-olds share a room with a non-partner, but the correct stat is in fact 25 percent of 20-24 year-olds (which is still crazy).
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Half the problem is miss information by the media including this unfortunately
The LINZ report gave us all the information we need. It is just how nz media choose to report it which is the issue.per the LINZ report
- 4% buyers non resident
-35% buyers temp visa workers and foreign students.
Total foreign buyers 39%
In Australia foreign person refers to non resident + foreign students + temp visa workers. So in the above example 39%.
The recent stamp duty in Australia is applied to foreign persons. So 39% would pay the tax. So gore is similiar in that permanent citizens pay less than everyone else.
In nz for some bizzarre reason the media go on about non residents only. The true amount of foreign buyers should include temp visa workers and foreign students. 39%
Foreign students and temp.visa workers are not permanent citizens so why do they have equal right on property purchases.
A 15% stamp duty on foreign persons would benefit nz in 2 ways
1. Reduce demand dramatically from one of the largest group on buyers
2. Any tax collected can help pay for the infrastructure NZ so badly needs.
I would apply the same amount of stamp duty in investors who make up 46% of buyers.
Madness that so much demand coming from these two groups no wonder FHBs are struggling and prices are so high. Nz has the lowest property purchase tax in the world . Zero%.
” — Joe Public