There is no doubt that buyers from overseas are active in the market but their influence is not as great as it might appear. I attended several auctions lately and bidders where all from over the place.
Foreign buyers were certainly active but they has fierce competition from locals and the results were mixed.
But so what? Somebody paid for a property but somebody received the money so it gets spread around. I think we have a bit of xenophobia making the rounds.
Some of the Left Leaning Loony Lot think we will all end up in shacks or tents by the road side, while “The Foreigners” will own everything else.
What a lot of nonsense!
If you have been to an auction lately tell me what your experiences were.
Foreign buyers fuel house boom
By Anne Gibson
May 3, 2012
Wealthy foreign buyers are coming to New Zealand and paying top dollars for homes – fuelling fears they are contributing to skyrocketing property prices around the country.
Real estate agent Graham Wall said he had two deals to sell Mission Bay houses to Chinese and he is to travel to Shanghai at the end of the month to drum up further interest.
“Why we are getting record prices for Auckland, Hawkes Bay and Queenstown houses is that people outside New Zealand can see its worth,” he said.
Chinese buyers wanted luxury properties, could afford them and appreciated Auckland’s best suburbs with big waterfront views and proximity to the city, he said.