Foreign owners selling NZ homes at twice the rate they are buying them

According to the latest data from Statistics NZ, foreign owners purchased 174 New Zealand dwellings in the December quarter of last year but sold 339, Interest reports. Since the Overseas Investment Amendment Act came into effect in October 2018, there have been severe restrictions on the ability of foreign owners to buy residential dwellings in this country. Foreign owners continue to sell their New Zealand residential properties at about twice the rate they are buying them.