A curb on foreign purchases of New Zealand property has passed into law, with the Government adamant the changes will help Kiwis get back on the property ladder.
Almost all foreigners have been banned from buying most Kiwi homes in a bid to crack down on overseas speculators.
The Parliament approved the new restriction Wednesday, fulfilling a promise that helped Prime Minister Jacinda Ardern's Labour party win power past year after campaigning against inequality and homelessness.
"This is a significant milestone and demonstrates this government's commitment to making the dream of home ownership a reality for more New Zealanders", Associate Finance Minister David Parker said.
Figures released by the Real Estate Institute of New Zealand on Wednesday showed median house prices had slipped 1.8 percent to NZ$550,000 ($360,140) in July from the previous month, although they were still 6.2 percent higher than the same time the previous year.
The New Zealand government wants to cool red-hot house prices in cities like Auckland.
The majority of overseas buyers were from China and neighboring Australia, according to Statistics New Zealand. "We believe it's the birthright of New Zealanders to buy homes in New Zealand", he added.
Lionel Messi leaves Argentina national team temporarily
Tevez played alongside five-time Ballon d'Or victor Messi for Argentina as the 34-year-old earned 76 caps on the global stage. Messi´s next chance to win his first major worldwide title will be the 2019 Copa America in Brazil.
22 dead in Italy after motorway bridge collapses
At least 30 cars and three heavy vehicles were on the portion of the bridge when it crumbled, Civil Protection authorities said. Salvini also said he wanted the "names and surnames of those to blame because a tragedy like this in 2018 is not acceptable".
Former Prime Minister John Key, who opposes the ban, said wealthy investors added value to New Zealand through their worldwide connections and the nation needed to be open for business in the global marketplace.
Buyers of New Zealand property include billionaire investor Peter Thiel. The Reserve Bank said last week it can't rule out cutting the official cash rate to a new record low.
Overseas investors will still be able to buy new housing, particularly apartments, rentals and homes available to purchase under rent-to-own or shared-equity arrangements.
National housing spokesperson Judith Collins said the legislation was nothing more than an attempt to justify some of the government's policies and decision.
"We simply do not know how it will affect the market", Dominick Stephens, chief economist at the New Zealand division of banking group Westpac, said in a note to clients Wednesday.
"We are determined to make it easier for Kiwis to buy their first home, so we are stopping foreign speculators buying houses and driving up prices", Ardern said when she announced the policy a year ago. Prices in the country have been falling since the end of past year.
The government has said the ban would not apply to Australians and has been negotiating with Singapore, whose free trade agreement with New Zealand allows foreign ownership, on whether to grant an exemption.
The Trump administration announced plans on Friday to double United States tariffs imports of steel and aluminum from Turkey. He suggested Turks would buy local or Korean phones instead, although it was unclear how he meant to enforce the boycott.
This morning, Business Insider reported that Vimeo had removed some of Jones' content citing a violation of its Terms of Service. Twitter users criticised the microblogging site this week for its failure to take a harder stance on Jones and InfoWars .
The mass funeral was held in the Houthi stronghold of Saada city with images broadcast by the rebels' Al-Masirah television. The International Committee of the Red Cross reported the same toll on Friday, citing authorities in Saada.
Erdogan made the comments in retaliation against U.S. sanctions , which have helped worsen an economic crisis in the country. Erdogan also said that the country could depend on Venus and Vestel, two of Turkey's domestic smartphone brands.
This includes a prominent notch on the front, that is also said to house an IR sensor to allow for IR-based biometric face unlock. The website also gave away a few key specifications details like Qualcomm Snapdragon 845 and a large 4,000mAh battery .
President Trump has begun the process by asking for increased funding in his annual budget request next year, according to Pence . Actions by USA adversaries make it clear that space is already a warfighting domain, the vice president said.
CHATTERJEE: Weissman's previous work has shown that when mothers are treated for depression, their children feel better , as well. CHATTERJEE: When a parent sees their child struggle, it might affect their mood.
The lira posted gains on forex markets for the first time after days of losses, giving the currency much-needed respite. On Monday, Erdogan criticized his American counterpart, saying Washington was seeking to stab Turkey "in the back".
Jordan Clarkson to Filipinos: See you all very soon
Indonesia Asian Games 2018 Organizing Committee (INASGOC) and Olympic Council of Asia (OCA) said yes for his reentry to the team. Clarkson's services, however, will be available in the Philippines' second game against perennial rivals China on the August 21.
Manikarnika first look : Kangana as fiery Jhansi
This is a biopic based on the life of Rani Laxmibai of Jhansi and Kangana looks like a warrior in the first look poster. Kangana's character screams in the battlefield and her child is seen, tied to her back.
Nebraska Executes Inmate With Drug Cocktail Including Fentanyl
A combined total of less than a dozen death penalty supporters and opponents gathered in the rain while the execution took place. Moore fatally shot Maynard Helgeland by himself five days later, saying he wanted to prove he could take a man's life by himself.
No major vote problems in Wisconsin for primary
In all, four states including Vermont and CT will host elections on Tuesday as the 2018 primary season nears its final chapter. Democrats appear particularly motivated in Wisconsin, where eight candidates want the chance to take on Republican Gov.
Channel 5 announces Celebrity Big Brother theme
There has been no confirmation on the release date of Big Brother 2018; however, we have a rough guess, and it might just be true. So before summer 2018 installment of Celebrity Big Brother , we will be sharing everything we know about the show, so far.