New Zealand Turns Insular

In an effort to stanch the rising cost of housing and cool pressure on existing infrastructure, New Zealand’s new coalition government intends to cut immigration and ban non-resident foreign buyers from purchasing existing homes in the country. According to the BBC (citing data from Knight Frank) annual house price growth in the country of 4.6 million is just over 10 percent with prices in Wellington having increased by 18.1 percent in the year to June 2017 and in Auckland by 9.8 percent over the same period.

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