The ban will prevent overseas residents from buying existing residential property – but while Australians make up the second-largest group of foreign home buyers in New Zealand, trade arrangements means that they will be exempt, along with Singaporeans.
As we covered here, the ban will affect NZ operators Metlifecare and Ryman as both are considered foreign entities, forcing them to seek approval from the Overseas Investment Office (OIO) before buying land for new villages.
