Hit at house buyers

Press, 7 October 1987, Page 1

Hit at house buyers

By

BRENDON BURNS,

political reporter

• Foreign speculators buying Auckland residential properties will be the target of Parliamentary questioning by the Opposition spokesman on Housing, Mr Roger McClay. He promised yesterday to raise the matter of immigration requirements for investors after reports of busloads of Asian speculators touring Auckland’s plusher suburbs by bus.

The manager of a large Auckland real estate firm said there was keen interest among Hong Kong Chinese business people in buying homes in Auckland.

Mr McClay said that at present there were some 20,000 homeless people In New Zealand and it was obvious that foreign speculators buying in any sector of the housing market would push up all house prices. Already the market was tight, with prices rising, he said.

“I will raise in Parliament the matter of whether immigration requirements will be concluded before these bus loads of Asian house speculators are to make purchases,” said Mr McClay. Recently, Australia moved to end speculative investment in residential property, the Federal Treasurer, Mr Keating, saying that house prices had been pushed up, providing little direct economic benefit

' “For these people New Zealand would be a new investment mecca,” said Mr McClay. 1 • * He held no objection to genuine immigrants coming to. New Zealand and buying houses when they worked here, paid taxes, and became part of society. “I do object to any development which would mean we were selling our assets to foreign concerns.” ' He said the Minister of; Housing, Ms Clark, had denied foreign buyers would be likely to push up’lowerpriced housing. However, the issue was whether New Zealand was for New Zealanders, Mr McClay said.