BNZ chief economist Tony Alexander has renewed his calls for New Zealand to implement a policy regarding foreign purchasers buying Kiwi properties.
Although he did some research with real estate agents recently that showed the number of non-resident Asian buyers purchasing property was comparatively low, he said it would increase.
“Concerns about air pollution in China are soaring and people are talking more and more about migrating or at least getting their children out of the country.”
He said that could be used to boost tourism but also would result in increasing migration to New Zealand.
He said Chinese parents would increasingly want to send their children to New Zealand to study, and would want to purchases houses for them to live in while they did so.
Now was the time for Government to act and implement some policies, he said.
“At the moment there are no rules for city purchases.”