NZ clamps down on property investors as prices soar

On the rise: A real estate agency is seen in Wellington. New Zealand house prices continued to soar in January, gaining 12.8% from a year earlier. — Bloomberg

WELLINGTON: New Zealand is clamping down on property investors in an attempt to rein in spiralling house prices.

The central bank said it will reinstate mortgage lending restrictions on March 1 and tighten them further for investors from May 1.

Finance Minister Grant Robertson also said the government will unveil measures soon to curb housing demand, “particularly from those who are speculating.”