The Government will introduce an Amendment to the overseas investment act

The Government will introduce an Amendment to the overseas investment act, to classify residential housing as sensitive and introduce a test for residency.

The effect of this will mean that non residents, or non citizens, cannot purchase existing residential dwellings in NZ, with the exception of Australian citizens, because NZ citizens hold the same right to purchase in Australia and NZ intends to extend the right to them.

Legislation should be in place and introduced before Christmas and take effect once passed in early 2018.