Will’s Word: The Govt’s allowing foreign home buyers in again, but there's a catch

The Government is letting wealthy foreign buyers buy homes in New Zealand again. But not just any home, only the really expensive ones.

I'm talking about $5 million or more. That's not us. Pacific families aren't out there shopping for mansions, or maybe you are? Maybe you're one of the lucky ones out there.

Forking out for expensive, lavish homes in Queenstown or penthouses in Auckland. But let's be honest, most of us we're just trying to get by. Paying the rent, paying off the mortgage, maybe saving for that first home.

So this change, I reckon it's not even that bad. I've seen some of the commentary from the opposition, saying we're allowing the floodgates to open with wealthy foreigners. Honestly, I don't think it'll harm everyday Kiwis.

What it is about is attracting people to Aotearoa with deep pockets. If you want a golden visa, you're not going to just buy a house. Let's be honest, you'll pump millions into New Zealand.

Five million perhaps over three years or ten million over five years. That's some real serious money, and of course, money talks. And that money can flow into our economy. Perhaps jobs, perhaps innovation.

Listen to Will’s Word below.

That's where I see the benefit. I harp on about economic growth and the lack of it in this country. This is actually an idea by this government that I can seriously get behind. The Government says fewer than 1 per cent of houses actually qualify.

So, only around 10,000 homes nationwide. Mostly in Auckland, some in Queenstown. They're not competing with Pacific families in say South Auckland or Porirua. They're not pushing up the price of a three-bedroom out in Māngere.

This is a completely different league. Honestly, it's a common-sense approach. Even Winston Peters, who we know is against foreign buyers, says it's common sense. It's protecting the market for us ordinary Kiwis, but still welcoming in big investors.

But also, got to be cheeky here, will it actually make much of a dent? Will those millionaires actually want to come to New Zealand at the moment? It's a double-edged sword.

That's Will's Word.

Foreign Minister Vaovasamanaia Winston Peters. Photo/Joseph Safiti