Latest / Best of Business / Anthony Morsinkhof: luxury real estate agent pens open letter urging Government to lift foreign buyer ban

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Anthony Morsinkhof: luxury real estate agent pens open letter urging Government to lift foreign buyer ban · Best of Business

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  Speaker 1: You're listening to a podcast from News Talk sed B.
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  Speaker 2: Now.
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  Speaker 3: A luxury real estate agent is calling on the Prime
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  Speaker 3: Minister to lift the ban on foreign home buyers. He's
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  Speaker 3: written an open letter saying that he has clients wanting
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  Speaker 3: to invest millions of dollars in New Zealand, but they
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  Speaker 3: can't because they can't buy homes here. Anthony Morsenkoff is
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  Speaker 3: with us now.
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  Speaker 2: Hey, Anthony, Hi, thank you for having me on your show.
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  Speaker 3: Yeah, thanks very much for joining us. Now, I understand
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  Speaker 3: you've got one ultra high net worth individual in particular
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  Speaker 3: that you are representing.
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  Speaker 2: Is that right, I've got multiple I've got a whole
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  Speaker 2: series at Forbes Forbes Global Properties. We deal with one
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  Speaker 2: of the largest databases of ultra high networks people in
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  Speaker 2: the world, and there's quite a number of those that
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  Speaker 2: have property investment portfolios around the world. They'd love to
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  Speaker 2: include New Zealand in that portfolio, and they are having
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  Speaker 2: The current legislation that we're dealing with is good for corporates,
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  Speaker 2: but it's not good for the owners of those corporates
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  Speaker 2: because so they want to come here and invest into
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  Speaker 2: New Zealand, they cannot buy a house or they have
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  Speaker 2: to wait three years, which is just not practical. People
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  Speaker 2: walking away.
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  Speaker 3: How much do you reckon is sitting out there and
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  Speaker 3: just on your books wanting to come in money wise
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  Speaker 3: but can't.
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  Speaker 2: I would have easy five hundred million dollars of people
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  Speaker 2: wanting to invest in New Zealand, and I mean easy.
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  Speaker 2: I've got clients there that want to invest into big
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  Speaker 2: land developments for residential houses. I've got to buy a
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  Speaker 2: tech company that wants to come to New Zealand. So
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  Speaker 2: I've got a lot of different sort of people that
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  Speaker 2: want to invest here in New Zealand, and they want
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  Speaker 2: to buy properties, not only in Auckland. These are not
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  Speaker 2: only Auckland buyers. These are people that want to buy
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  Speaker 2: also in the country. But often, you know, we get
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  Speaker 2: homes that are worth let's say four or five minut
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  Speaker 2: dollars and they can't. And they would be really good
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  Speaker 2: to adding to the people in the countryside that they
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  Speaker 2: get the people in the countryside get additional income from
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  Speaker 2: these people buying these properties. They can't.
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  Speaker 3: How long do you reckon, We've because obviously Australia's are
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  Speaker 3: doing the old ban on the foreign buyers, and there's
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  Speaker 3: also talk about the wealth tax and stuff like that.
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  Speaker 3: So how long have we got do you think to
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  Speaker 3: cut Australia's lunch.
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  Speaker 2: I think that may change, but at the current moment,
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  Speaker 2: I don't see that. I think we've got a short
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  Speaker 2: time period. With everything what's happening in the United States
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  Speaker 2: and over in Europe. Those are the people at the
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  Speaker 2: moment are looking at New Zealand. It's a safe haven
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  Speaker 2: and we've got a lot to offer as New Zealand
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  Speaker 2: for those people. But at the same time, those people
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  Speaker 2: have got a lot to offer to New Zealand. You know,
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  Speaker 2: they offer employment, they bring tech skills, they bring investment
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  Speaker 2: to companies here, and we're not letting them buy a house.
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  Speaker 2: It's too crazy for words.
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  Speaker 3: All right, listening to the Prime Minister about it, any
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  Speaker 3: indication it's going to change.
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  Speaker 2: He said to me personally, he says, about half a
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  Speaker 2: year ago, watch this space, and I've had That was
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  Speaker 2: November last year at a at a meeting with him,
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  Speaker 2: and since then, I've watched that space and I've talked
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  Speaker 2: to other ministers. I've talked to members of Parliament, I've
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  Speaker 2: had clients, talk to ministers and everything seems to be
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  Speaker 2: on hold. Nobody's doing anything.
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  Speaker 3: We're still watching the space. Okay, listen, Thank you very much, Anthony.
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  Speaker 3: I really appreciate your time. Anthony Morzenkoff, luxury real estate agent.
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