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Overseas buyers account for 3 pct of New Zealand home transfers
Last Updated: 2018-06-07 18:59 | Xinhua
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Overseas buyers account for over 3 percent of New Zealand home transfers in the March 2018 quarter, the statistics department Stats NZ said on Thursday.

The proportion of homes transferred to overseas buyers rose to 3.3 percent in the March quarter, from 2.9 percent in the December 2017 quarter, property statistics manager Melissa McKenzie said in a statement.

This increase was driven by a fall in the total number of transfers, and a small rise in the number of transfers to overseas buyers, McKenzie said, adding the proportion of overseas sellers also increased in the March quarter, to reach 1.5 percent, after staying steady at 1.3 percent for a year.

Nearly 33,000 homes were transferred in the March 2018 quarter, she said.

Consultation about amendments to the Overseas Investment Act may have been a factor in recent increases in the proportion of transfers to non-New Zealand citizens and residents.

"The proposed changes could make it more challenging for overseas buyers to purchase residential land in New Zealand," McKenzie said, referring to a proposed ban on overseas buyers eyeing for New Zealand properties installed by Labor Party led coalition new government.

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