Mike's Minute: The Govt need to move on foreign buyers this year

The good people at OneRoof were hinting at it the other day. 

They were reacting to what I know to be a bit of a buzz within the real estate community that the Government are going to move on foreign buyers this year. 

I talk to a lot of agents. They range from telling me it's on, to those who hope it's on, to those who want it to be on but aren't holding their breath. 

Currently you can buy a house if you are Australian or Singaporean. Apart from that there are hoops and hurdles for some foreigners, but mainly you are blocked. 

This of course is nonsense and National had a very elegant solution that carved out houses under $2m, which is the vast majority of sales, so the American who wanted to open a company and invest in jobs and expansion could also fork out $9m for a lovely place at Lake Hayes. 

Winston was having none of that, so we are stuck. 

The hope is Winston can be moved. The rumour grows that Winston might be about to be moved. 

I hope so. 

The latest word is $5m. If you have $5m or above anyone is welcome. 

What we have to fear from that I have no idea. 

What we know for sure is we are desperately short of money. We have a pile of work that needs doing and we need all the help we can get. 

In my area right now are a handful of $10m+ houses that have been on the market for over a year. They haven't sold because no one here has that money for a house and those who do already have houses. 

If you open the foreign investment door they would be snapped up. 

We either want to do business or we don’t. We are either open to the world or we aren't. 

The irony for me is Winston Peters of all people in his role as Foreign Minister seems to get that, as much if not more than anyone else and yet on housing he remains the xenophobic old relic he played so well 20 years ago. 

Let's hope the year brings a bit of enlightenment and we can at last get on with it. 

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