Getty Images | Hagen Hopkins
Prime Minister-designate Jacinda Ardern and NZ First leader Winston Peters shake hands during a coalition agreement signing.
New Zealand is facing a housing affordability crisis after a cocktail of low interest rates, limited stock and high net immigration has driven up prices.
According to an ANZ Bank estimate in February, the New Zealand housing shortage had reached 60,000 and was growing by 40 houses a day.
Formerly, U.S. investors were seen as putting upward pressure on New Zealand property prices but their interest has been dwarfed by a more recent influx of Chinese buyers.
Winston Peters, the leader of junior coalition party NZ First, flanked Ardern as she made her announcement. Nodding in agreement with the policy, he added that New Zealand is “no longer for sale.”
“The reality is there is going to be a change and a clear signal sent internationally that New Zealand is no longer for sale in the way it has been. We’re happy with that,” he said.
