Housing Minister Phil Twyford is concerned about a Chinese property website's planned push of Kiwi homes next month, ahead of a Government crackdown.
Jane Lu, head of Australia for Juwai.com, which claims to be the number one Chinese international property website, said Chinese buyers were keen to move on New Zealand quickly and the promotional campaign would run from December 1 to 31.
Twyford said that campaign was precisely why the Government was moving on the foreign buyer issue.
"This just confirms the need to ban the purchase of existing houses by overseas speculators. The Labour-led Government will put that ban in place within our first 100 days in office," Twyford said.
"You can't blame people for trying to make a dollar but it's the Government's job to ensure the housing market works for New Zealand. That's why we're stopping people who don't have the right to live here from buying houses here. Our houses need to be affordable homes for New Zealand families, not an investment asset for wealthy overseas speculators," he said.
Overseas Investment Office data shows this country has become a popular destination for Chinese, Australian and Asian buyers who see it as a bolthole and a potential haven from nuclear conflict, civil unrest and terrorism.
NZ First and Labour policy is to ban foreigners from buying New Zealand residential properties. Only New Zealand citizens or permanent residents could be able to buy kiwi homes under plans announced by Prime Minister Jacinda Ardern.
Overseas Investment Office data showed foreigners got approval to buy $2.7 billion worth of New Zealand assets this year, up $1b on this time last year, with the biggest deal being the sale of kiwi plastics business Sistema to American interests.
The Overseas Investment Office released data in October showing that from January to August last year, foreigners were granted consent to buy New Zealand assets valued at $1,799,452,788 but that had risen to $2,741,596,000 from January to August this year.
Lu said Juwai planned its campaign ahead of the Government changes.
