NZ property promoted as 'an investor's dream'
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A Malaysian radio advertisement targeting Auckland's overheated housing market is causing outrage on social media.
The ad, for All Property Solutions Singapore, says New Zealand is very affordable because there's no stamp duty, no land tax and generally no capital gains tax.
On its website a number of central city apartments are listed, which start at just over $300,000.
New Zealander Rachael Cooper, living in Malaysia, posted part of the radio advert on her Facebook page.
"There are many people investing because of the high demand for rents," the advert states. "There's no stamp duty, no land tax, and within New Zealand, generally no capital gains tax either. It's an investor's dream."
It goes on to say that Aucklanders pay around half their week's wages in rent, and that "could be paid to you".
The Government is being urged by the Reserve Bank to look at a capital gains tax to deter investors, but Prime Minister John Key says it won't work.
Listen to Duncan Garner on RadioLive at 3 pm
Tmrw on @RadioLIVENZ Drive - listen to what I have that clearly shows we are a tax free property haven for foreign investors. From 3pm....
Auckland apartments being advertised on Malaysian radio. 'No stamp duty, no land tax, and no capital gains tax!' https://soundcloud.com/user697294118/radio-ad-investment-in-nz?hc_location=ufi …