Re:New Zealand to ban foreigners from buying existing houses
by jpatokal on Thursday October 26, 2017 @08:15PM
(#15564469)
The figures are specifically for newly completed supply, the vast majority of which is also in Sydney and Melbourne. They aren't building teetering 30-story apartment towers in Dubbo or Wagga Wagga.
Re:New Zealand to ban foreigners from buying existing houses
by flukus on Thursday October 26, 2017 @08:18PM
(#15564482)
> But I wonder what the percentages are for Sydney and Melbourne. My anecdotal evidence is that foreigners don't really buy outside the capitals, so I expect it to be much higher.
They might not be interested in country towns but they are very interested in booming coastal towns like Gold/Sunshine Coast in Queensland, I'd assume the some would hold in places like Byron Bay and Coffs Harbor.
But I wonder what the percentages are for Sydney and Melbourne. My anecdotal evidence is that foreigners don't really buy outside the capitals, so I expect it to be much higher.
Which would have a stronger effect on property prices, as the capitals tend to drive prices for the smaller towns.