So, are New Zealand houses being snapped up in their droves and taken away to China, as so many of the commentariat have been chattering about?
No, say the figures.
For the second month running, figures show that the numbers of Chinese buyers in the market are … trivial. Just 1.5% of all buyers. Put another way” %98.5 of buyers are not Chinese, and 97% are New Zealanders (defn.: “those who are tax-resident in NZ”).
Sorry if that bursts so many bubbles (but not yet this housing bubble), but there it is. NZ’s houses are not seriously unaffordable because of the yellow peril, too many (or too few) investors, immigration, land bankers, carpet sprawl or because we’re becoming a rich country. They are seriously unaffordable because we have too many buyers with too much newly-created mortage-money borrowing chasing too few houses on too little land that cost far too much to build.
All those problems are political, or caused by politics, which is why all the politicians who helped cause it all want to point all those fingers elsewhere, but the facts are that the furphies they point to are just not any of the primary causes. They did it. They just don’t want you to know that.
My prediction therefore: this latest news will do nothing whatsoever to stop the continuing claims from all the ignorati that the Chicoms are over here stealing our houses. Or the peddling of sundry other myths by all the assorted myth-makers. Facts and figures never bother them, do they.