Cracking down on offshore buyers of New Zealand property is justified even if they are buying just one in 20 homes, the Labour Party says.
Land Information New Zealand is expected to release property data in the next fortnight which will provide a detailed record of the scale of foreign investment in the housing market for the first time.
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The release of the data, which has been collected since October, is likely to reignite the political debate on whether non-resident investors are pushing up house prices.
Prime Minister John Key says that the best response to high levels of sales to overseas buyers would be a land tax on non-residents. But he will not say what percentage of sales to non-residents would trigger such a policy.