News for hackers. Stuff that matters.

A comment on New Zealand to ban foreigners from buying existing houses. Parent comment

Re:New Zealand to ban foreigners from buying existing houses by soperj on Thursday October 26, 2017 @06:45PM (#15563895)
yeah but 10% is huge when you consider that's all inflow, not people selling one house to purchase another, not to mention historically low vacancy rates in both cities.
[ Parent | on HN ]
Re:New Zealand to ban foreigners from buying existing houses by dzhiurgis on Thursday October 26, 2017 @07:00PM (#15563996)
You might be right. Parent OP doesn't specify if it's 10% per year. Compound growth would be huge over several years.

Also, Auckland has had probably more immigration than Australia, at least for the last few years.

That said, dropping prices by 10-20% would mean absolutely nothing for an average labourer.

[ Parent | on HN ]
Re:New Zealand to ban foreigners from buying existing houses by soperj on Thursday October 26, 2017 @08:13PM (#15564462)
It's per year. Before the foreign buyer tax in Vancouver, there were parts of the city where 20% of purchases were made by foreigners (Burnaby and Richmond).
[ Parent | on HN ]