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Investors swamp first-home buyers: Greens

NZ NewswireNZ Newswire 27/04/2016

Investors are snapping up properties much faster than first-home buyers, the latest mortgage statistics show.

The Greens say Reserve Bank data reveals 7006 new mortgages were approved for investors in March while 2044 were approved for first-home buyers.

"The amount of money lent to investors to buy property was almost three times the amount lent to first-home buyers," said co-leader Metiria Turei.

"Wealthy speculators are getting richer off their property investments while young Kiwis can't get a look in."

Ms Turei says the data shows government measures to curb investment and help first-home buyers aren't working.

The data doesn't show how many of the investors were non-residents.

Prime Minister John Key has floated the possibility of imposing a land tax on foreign buyers but doesn't think there are enough of them to make it necessary.

He's waiting for new information from IRD, due out in two or three weeks, which will show how many foreign buyers have registered their tax numbers since October 1 last year.

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