New Zealand MPs Hold $379 Million in Property: Who’s On Top?
A recent investigation has uncovered that New Zealand’s Members of Parliament collectively own an astounding $379 million in property. This wealth is spread across 123 MPs, with an average of $3 million each. But who holds the largest stake? The answer may surprise you.
National MP Suze Redmayne, representing Rangitīkei, tops the list with a property portfolio valued at $24 million, including a farm worth $18 million. Contrary to popular belief, Prime Minister Christopher Luxon’s holdings don’t top the list, despite his high-profile real estate sales. Since becoming PM, Luxon has sold multiple properties, retaining two prime homes in Auckland and Waiheke Island, valued at around $7 million each.
For Redmayne, her assets include a family home and an Auckland apartment, both valued at around $3 million each, in addition to the farm. The farm alone is worth more than some MPs’ entire portfolios. Other MPs, like former National MP Barbara Kuriger, own valuable land and properties, with combined holdings worth $11.5 million, including two dairy farms in Taranaki.
While many MPs declare interests in residential properties, the scope of their holdings can be extensive. For example, ACT MP Parmjeet Parmar has five properties in Auckland, including three rental properties worth a combined $5 million. However, the property interests of some MPs, like those of Andrew Bates, are a bit murky, with 25 additional properties not initially declared.
Despite this, National MPs dominate the list, with several holding large farms and high-value properties. ACT MPs also make an appearance, with Andrew Hoggard standing out due to his significant farming assets. Meanwhile, Labour and Green MPs hold relatively modest property portfolios.
The values tied to these properties hold weight because MPs influence decisions that directly affect property values. From zoning rules to capital gains taxes, their personal fortunes are intertwined with the policies they enact. For instance, the current government’s restoration of mortgage interest deductibility for residential investment properties could have a direct impact on the bottom lines of MPs with substantial property holdings, potentially saving them tens of thousands annually in tax deductions.