Foreign buyer ban may hit private sellers

Homeowners who sell their houses privately may fall foul of the law when the foreign buyer ban comes in. New regulations designed to cool the housing market will make it illegal to sell a house to anyone who isn't a New Zealand citizen or resident. And penalties are tough - up to three times the gain from the sale. New Zealand Realtors Network chair Mark Coffey says 10 percent of total New Zealand sales don't go through a real estate agent. Mr Coffey told RNZ reporter Nikki Mandow he's concerned naive private sellers might be by hit by legislation designed to catch people deliberately flouting the law.