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Little change in latest foreign buyer data

NZ NewswireNZ Newswire 1/08/2016
A house for sale in Auckland. © Getty Images A house for sale in Auckland.

Foreign tax residents bought three per cent of all properties sold between April and June this year, new data from Land Information NZ shows.

While the national figure is similar to the previous quarter, there has been a one per cent increase in sales in Auckland to foreign tax residents.

There was a total of 57,678 property transfers across the country and 1749 of them involved foreign tax resident buyers, which includes trusts and companies as well as individuals.

In Auckland the number of sales involving foreign tax resident buyers increased from 474 (four per cent) in the January to March quarter to 900 (five per cent) this quarter.

LINZ deputy chief executive Russell Turner says the data isn't a register of foreign ownership, but it can "add to the picture of what's happening with property in New Zealand".

LINZ has been collecting data about the tax residency of property buyers and sellers since October last year.

It follows changes made by the government to ensure people meet their tax obligations.

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