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The Government is adamant the changes will help Kiwis get back on the property ladder. Trade and Economic Development Minister David Parker, who is responsible for the bill, said the « significant milestone » would help make the dream of home ownership a reality for more Kiwis. « This Government believes that New Zealanders should not be outbid by wealthier foreign buyers, » he said. « Whether it’s a beautiful lakeside or ocean-front estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand not on the international market. »

https://www.stuff.co.nz/business/property/106297829/labours-bill-to-curb-foreigners-buying-new-zealand-homes-becomes-law