Foreign buyers ‘investors’ back in the property market
On Monday, the Government announced that wealthy foreigners holding an Active Investor Plus residency visa – the so-called Golden Visa – would be able to buy homes in New Zealand.
An investment of at least $5 million would be required, and only homes worth at least $5m, which amount to less than 1% of the market, would be eligible for purchase.
It eases the foreign buyers’ ban put in place in 2018 by Prime Minister Jacinda Ardern when Labour was in coalition with NZ First. Peters said at the time that it was a clear signal that “New Zealand is no longer for sale in the way it has been”.
That position persisted during 2023 coalition negotiations, leading to the demise of National’s policy to tax foreign buyers of homes worth $2m or more. However, in the months leading to this week’s announcement, Peters had signalled he was open to change if it accompanied economic investment, amid consistent pressure from Prime Minister Christopher Luxon.
National leader Christopher Luxon and NZ First leader Winston Peters shaking hands after signing their coalition agreement. Photo / Mark Mitchell
The delicate line Peters walks with his base in supporting the Government’s decision is clear in the first line of his first public statement on the matter: “The foreign buyers ban on housing remains.”
Asked whether he risks being accused of backing down, Peters says: “Give me the logic to what they’re saying, I’ll respond to them. They can’t and I won’t.”
He also bristles at the term “foreign buyers”, instead preferring “foreign investors”.
Party member Craig Sinclair expects most members will accept the balance that has been struck, but he acknowledges it is a “compromise”.
“At the end of the day, New Zealand First is a party that [believes] production is important,” he said.
“I think desperate times, sort of time for a compromise, isn’t it?”
Sinclair remained fervently against “lax immigration” and its potential impact on the housing market.
“They come in with enough money for a lot of ordinary homes, or middle-class homes, they can pay a bit more and there’s a ratcheting effect right throughout New Zealand.
“But there are wealthy people who come and buy the house … they’re going to be putting money into production.”
Election policies to be revealed
Multiple policy announcements are expected to be made during the conference in areas including immigration and climate change.
Any immigration policy could act as a counterweight to the foreign buyers announcement and provide reassurance to any uncertain members.
Peters is likely to discuss the party’s position on New Zealand’s commitment to reach net-zero emissions by 2050 under the Paris climate agreement.
Act said on Tuesday that it would campaign to leave the pact if more “realistic targets” weren’t set. Peters, who has railed against climate policies forcing agricultural production to higher-emitting countries, was quick to respond, saying “imitation is the most sincere form of flattery”.
Act leader David Seymour and MPs announcing they supported leaving the Paris climate change agreement if realistic targets weren’t set. Photo / Michael Craig
Should the parties enter into negotiations again in 2026, they would likely find a roadblock in National and Luxon, who believe exiting the Paris deal would see Kiwi products pulled from the shelves.
Similar to last year’s conference, energy policy will be a central focus. Regional Development Minister Shane Jones, who announced plans last year to grow geothermal supply, will front a remit proposing that New Zealand should dip its toe into nuclear power.
Again, National currently opposes any such moves. Luxon has said Kiwis are “proud of our non-nuclear position” and that he believed nuclear power presented a risk because of New Zealand’s earthquakes.
Peters, in an interview with the Herald two weeks ago, said he intended to announce policy designed to send a “clear signal from NZ First as to what we think should happen to the economy, how we would handle it if we’re running the show by ourselves”.
NZ First minister Shane Jones will be central to discussions of energy policy. Photo / Mike Scott
The economy, and more specifically the cost of living, has plagued the coalition to the point at which Labour was considered most able to address high prices in the last two Ipsos Issues Monitor polls.
Peters is also expected to make an announcement on the Government’s behalf regarding a remaining item in the coalition agreement with National.
Expect NZ First’s revolving door of member’s bills to feature. So far, they have included addressing the definition of a man and a woman, confirming “New Zealand” as the country’s official name, and removing diversity, equity and inclusion aspects from the public service.
Peters promises record attendance
About 280 delegates are scheduled to attend the conference, the highest number in the party’s history.
As for his public meeting on Sunday, Peters said that, while other parties could muster only “150 to 200” people, he believed NZ First would attract “five times that”.
Along with a speech from Jones to close Saturday’s proceedings and Peters’ Sunday address, members will hear from four guest speakers across the weekend.
There has been speculation that Nash could be one of them. The former Labour minister, who was sacked from the Cabinet by former PM Chris Hipkins, told Newstalk ZB this week that he couldn’t confirm or deny attending the conference.
In April, former Labour MP Stuart Nash refused to rule out a return to politics. Photo / Mark Mitchell
Nash described the speculation as “good-natured fun”, but did not respond when asked if he would be attending.
In April, he refused to rule out a political comeback in 2026 amid rumours that he could run for either NZ First or a party of his own.
It wouldn’t be the first time NZ First has looked to appeal to Labour voters; last year’s conference featured First Union general secretary Dennis Maga as a guest speaker.
Protest threat prompts beefed-up security
An increased security presence will be on hand to respond to protesters seeking to disrupt Peters’ public address on Sunday.
Last year’s conference finished in chaotic scenes as Peters was confronted by people protesting against New Zealand’s stance on the Israel-Gaza conflict as he walked through the crowd after his speech.
He was quickly escorted into a private room but, in the commotion, Jones was shoved and a journalist was pushed against the wall.
NZ First leader Winston Peters is unlikely to walk through the crowd after his public meeting this time. Photo / Adam Pearse
It’s expected that Peters won’t walk through the crowd on Sunday. The party has also invested in private security to complement the police presence.
Despite the risk, Peters said he wouldn’t back down from having open public meetings, describing them as the “very essence of politics”.
Adam Pearse is the Deputy Political Editor and part of the NZ Herald’s press gallery team based at Parliament in Wellington. He has worked for NZME since 2018, reporting for the Northern Advocate in Whangārei and the Herald in Auckland.