New Zealand First is signalling a change to the foreign buyers ban could be announced before the end of the year.
During coalition negotiations, NZ First blocked National’s proposal to allow foreigners to buy houses worth more than $2 million, contingent on a 15% tax.
But leader Winston Peters – who helped introduce the ban in 2018 as part of the Labour/NZ First coalition – later said he was open to revisiting the rules “for the right investor”.
A party spokesperson today said discussions were ongoing about the appropriate investment threshold, but suggested it would be “substantial”.
“New Zealand First is pursuing consultation on the matter and is looking at the government being able to make an announcement by the end of the year.”
Any proposed changes would need to create jobs and benefit the wider economy without disrupting the housing market, the spokesperson said.
In May, Prime Minister Christopher Luxon told RNZ the issue remained “an ongoing point of conversation” within the coalition.
“We went to the election with a policy. We think we probably could lift… the threshold but obviously that’s a discussion with New Zealand First we have to have.”
Luxon also conceded National had set its $2m threshold “too low” and suggested $5m or $6m would be more reasonable.
In October 2024, Peters told NewstalkZB he would consider changes for the “right person with the right investment” – but it would need to be far more than “a lousy $20 million”.
In April this year, the government made changes to the Active Investor Plus Visa – the so-called ‘golden visa’ – easing the path for wealthy foreigners to gain residency through investment.
Immigration New Zealand last month confirmed it had received nearly 200 applications since the changes were introduced.
