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Stuart Nash: Former Labour Minister on foreign investors being able to buy homes · Early Edition with Ryan Bridge

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  Speaker 1: Well, the government's changed its mind on the foreign buyer's ban.
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  Speaker 1: Golden visa holders can now snap up homes worth five
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  Speaker 1: million dollars or more as long as they invest at
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  Speaker 1: least five million dollars into the country. The wider ban
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  Speaker 1: on residential property still stands. Stuart Nash is a former
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  Speaker 1: Labor Cabinet minister. He's currently a co founder of Nash
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  Speaker 1: Kelly Global, the relocation consultancy that advisors wealthy individuals. The
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  Speaker 1: one we're looking for, particularly from the US on immigration
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  Speaker 1: to New Zealand, and he joins us. Now, Hello Sturton,
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  Speaker 1: good morning. How are you very good on a political plant?
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  Speaker 1: First of all, how on earth did the government get
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  Speaker 1: Winston on board?
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  Speaker 2: I love Winston's what about economic development and growth? He
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  Speaker 2: knows that. You know, when these investor migrants come to
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  Speaker 2: New Zield and they invest in the way they are,
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  Speaker 2: that creates jobs and wealth and it's good for the
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  Speaker 2: jild economy. I mean at the moment we've got about
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  Speaker 2: one point eight billion dollars it's been promised. Now remember
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  Speaker 2: this is going into active investment into our economy. There's
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  Speaker 2: nothing bad about that.
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  Speaker 1: Yeah, there are currently three hundred and eight applications for
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  Speaker 1: the Golden Visa, and they're bringing a lot of money.
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  Speaker 1: You just told us that the numbers. Are they ready
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  Speaker 1: to snap up a property as well?
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  Speaker 2: They take a little bit of time because they've got
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  Speaker 2: to you know, they've got to figure out how they're
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  Speaker 2: going to invest. They've got to get their visas. But
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  Speaker 2: you know, this is money that's invested actively into the economy.
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  Speaker 2: But the thing for me is it's not just about
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  Speaker 2: the money. These people bring their experiences, their contacts, their networks,
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  Speaker 2: their competency. So by and large, what happens is when
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  Speaker 2: they bring their money in, they also bring in a
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  Speaker 2: whole lot of different skills and competencies into our communities.
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  Speaker 2: That just creates value. It's fantastic.
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  Speaker 1: Do you think it's going to drive house prices up?
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  Speaker 1: Because I saw a guy on the telly last night.
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  Speaker 1: He's saying this is going to pump primes things, give
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  Speaker 1: people more confidence. It should affect the entire market. Do
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  Speaker 1: you think it will drive the prices up or only
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  Speaker 1: affect that top point five percent of properties?
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  Speaker 2: We look, what I say is that these people don't
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  Speaker 2: compete with the first time buyers. They compete with a
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  Speaker 2: lot of winners. Keep in mind, these people can't buy
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  Speaker 2: a house under five million dollars and it's about they
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  Speaker 2: reckoon there. It's about ten million houses or seven thousand
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  Speaker 2: houses that aho lived in immediately worth over five million dollars.
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  Speaker 2: So for the vast majority of people, that won't have
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  Speaker 2: any difference whatsoever. So no, in fact, quite the opposite.
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  Speaker 2: I think this would be great for builders because you know,
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  Speaker 2: these guys will come in, they will build expensive houses
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  Speaker 2: because this is what they do. But you know, I
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  Speaker 2: live in Napier. There are very very few houses in
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  Speaker 2: napi at any worth over five million dollars. So I
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  Speaker 2: think they're good, hard working keys aren't going to see
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  Speaker 2: a change add all to their house prices.
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  Speaker 1: Okay, well you've been talking to people who have got
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  Speaker 1: the Golden visa. Are they keen to build? Would that
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  Speaker 1: actually be even more attractive to them because they could
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  Speaker 1: then make the house that they really want.
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  Speaker 2: Yeah, accommodation of both, so you will see some by
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  Speaker 2: look it it may affect house prices at the hanging
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  Speaker 2: down in Queenstown, but the vast majority of people won't
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  Speaker 2: see any difference whatsoever. But I was talking to a
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  Speaker 2: chap who has got a development he wants. This is
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  Speaker 2: this is an American billionaire. He wants to build an
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  Speaker 2: incredibly big lodge. And there's about thirty sections that will
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  Speaker 2: that will be worth over five million dollars there. That
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  Speaker 2: is a significant amount of development. These are houses that
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  Speaker 2: wouldn't be built otherwise. Of course, you know the sections
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  Speaker 2: are open for Kiwis to buy, but we are talking
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  Speaker 2: high end and we're talking people who come over here
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  Speaker 2: and when they have a property here, they tend to
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  Speaker 2: stay for longer, they spend more. There is no downside
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  Speaker 2: to this at all. So you know when I hear
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  Speaker 2: people say this is going to this is going to
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  Speaker 2: impact the property prices, I just I just think not
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  Speaker 2: at all, not at all. At the very top end maybe,
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  Speaker 2: but good hard working Kiwis who are you know who
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  Speaker 2: are looking struggling or working hard to get there. So
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  Speaker 2: the housing letter won't make a difference.
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  Speaker 1: No matter what the Prime Minister says, this is still
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  Speaker 1: a compromise to fit in Winston Peters. So should they
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  Speaker 1: look to open it up further.
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  Speaker 2: No, I think we've got I think we've struck at
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  Speaker 2: a very nice balance. I don't think this is a compromise.
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  Speaker 2: Now the reason I say that is New Zealand First
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  Speaker 2: has always been about economic development and growth and making
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  Speaker 2: sure that good hard work and keemities have the opportunity
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  Speaker 2: to work. We're talking so far one point eight billion
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  Speaker 2: dollars it's been promised to come into our economy. I
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  Speaker 2: think this is going to get a little bit of
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  Speaker 2: a boost in my business. I've heard about four clients
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  Speaker 2: in the last couple of weeks. I've said, no, we're
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  Speaker 2: not interested in New Zealand because we can't buy a property.
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  Speaker 2: Now they can. You're going to see more money coming
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  Speaker 2: into the economy and I just want to reiterate this
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  Speaker 2: is money that has to be invested actively. So we're
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  Speaker 2: talking about into New Zealand businesses, into areas that create
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  Speaker 2: jobs and economic wealth for our economy and for all
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  Speaker 2: key weeks.
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  Speaker 1: Now, Stuart, you've mentioned New Zealand First and Awful Lot
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  Speaker 1: in this interview and does this mean that you're going
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  Speaker 1: to stand for them.
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  Speaker 2: No, No, not at all. All I'm saying is that
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  Speaker 2: Winston and Shane represent the politics of pragmatism and I
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  Speaker 2: think this is about economic development, growth and jobs in
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  Speaker 2: Winston and Shane understand that. It's the reason why we're
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  Speaker 2: talking about a good news story at the moment.
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  Speaker 1: Good stuff. Thank you so much at a Stuard mesh
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  Speaker 1: For more from Early Edition with Ryan Bridge. Listen live
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