If you were hoping, as a foreigner, to buy a property in New Zealand, you may have just missed your chance. That’s because their parliament passed a law that bans foreigners from buying into parts of the residential property market. So, which properties can you still snap up and which can’t you?
The Overseas Investment Amendment Bill will make it so that overseas investors can’t purchase existing properties in New Zealand – they will be able, however, to buy into new apartment complexes and some other types of housing.
The arguments for the bill included the rising housing prices, that they blame partly on foreigner investors, and that New Zealanders should have the ability to buy what they want.
Of course, the way things seem isn’t always how they are. Government data suggests that only 3% of the total housing market is taking up by those without New Zealand citizenship.
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The law won’t apply to those buying from Australia or Singapore. And the law still needs royal assent, which is a formality, before it can be activated in full force.
Most of us don’t dream of being mobile home owners – but with this opportunity, we just might change our minds. That’s because Elvis owned this mobile home that is now up for auction and could be yours. GWS Auctions is putting the two bedroom home up for sale soon. It was located at Circle G Ranch which isn’t far from Elvis’ Graceland estate in Memphis, Tennessee. He first bought the place in the 1960s, and now it could be yours. GWS Auction said that someone will get to own a piece of Elvis history. The home was recently restored to be in the condition that it was in when Elvis and Priscilla lived there.
