- Changes to the "golden visa" sparked renewed interest in high-end property from overseas buyers.
- Non-residents can buy properties over $5 million, increasing inquiries from Americans, Europeans, and expats.
- Agents report a surge in FOMO, with buyers seeking luxury homes and unique features.
Changes to the “golden visa” for wealthy foreigners announced in September not only resulted in a renewed spike of interest in New Zealand property from overseas, including from billionaires, but sparked FOMO among those already able to buy.
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Agents working high-price brackets said fear of missing out had not been seen in the top-end market since Covid, but was back.
Inquiries shot up following the Government’s announcement that non-residents with an Active Investor Plus visa would be able to buy a single property as long as it was worth more than $5m.
It wasn’t just Americans and Europeans showing interest, but agents saw a renewed vigour from local and expat Kiwis, plus Australians and Singaporeans (already exempted from the foreign buyer ban) who had been sitting back but were hurrying to buy ahead of the imminent new competition.
Auckland's Herne Bay is home to some of the country's most expensive properties. A flurry of high-end waterfront houses in the suburb have appeared on the market or changed hands in recent months. Photo / Chris Tarpey
Prime Minister Christopher Luxon with Finance Minister Nicola Willis. They announced in September that overseas-based investors with the investor residence visa would be able to buy a house in New Zealand. Photo / Getty Images
Agents say people were looking at a range of properties, from Singaporeans, who often live in high-rise apartments and who were keen on forest and water settings, to wealthy Americans keen on larger trophy homes near golf courses.
OneRoof was told some billionaires, or their envoys, had already come to New Zealand to look around and see what was available.
The Government has told OneRoof that the changes won't come into effect until the next year, but Ben Macky, owner and director of Sotheby's International Realty North Shore and Northland, said Americans, people from the UK and Singaporeans were showing interest in the Bay of Islands and also in prime Auckland properties.
“The reality is the world today has changed, and there's a lot of upheaval, so I think people are seeking safe destinations and New Zealand is seen as one of the safest destinations.”
Some wanted to live in the city with big, grand homes, while others wanted helicopter access up north – that did not mean they were all pilots, but rather used helicopters like taxis and needed somewhere to land.
“A big question [they ask] is how far from Auckland, how far is the drive, how far is it by air, and is there helicopter access?”
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John Greenwood, a coastal specialist with Bayleys, agreed inquiries had taken off but said not much had changed for him because he dealt in land designated “sensitive”, which includes waterfront and land backing conservation areas or National Parks.
Only Kiwis could buy sensitive properties, he said, and even Australians and Singaporeans had to go through the Overseas Investment Office process if they wished to buy them.
“The Government has blindly put out that foreigners are able to buy, and everyone assumes they can buy anything over $5m - that is not the case. They cannot buy sensitive property, and waterfront property is all sensitive.”
There was no doubt, however, that the announcement had kicked off renewed interest in New Zealand, especially north of Auckland.
“Most probably the biggest regeneration coming from offshore is the Bay of Islands.”
Buyers are falling in love with the Bay of Islands again. Photo / Getty Images
Greenwood had worked with “billionaire” buyers who had sent personal assistants to check out property, and one had sent a special assistant and an architect.
Ross Hawkins, from Ray White Remuera, said he had five quick overseas inquiries on a Pahoia Peninsula, Bay of Plenty, trophy property on the market in the $18m to $20m range since the announcement. The property recently sold for a record-breaking amount for the region to a Kiwi family.
Exchange rates and fewer taxes than other countries made buying even more favourable for foreigners, he said, and he knew of people who were rapidly working through their visa status so they were ready to buy when the changes came in.
Along with helipads, Hawkins said some wanted a private beach, but these were hard to find these days and cost a substantial amount of money.
Buyers’ agent Alex Martelli, who works in Auckland, told OneRoof that most of her foreign enquiries had come from people looking to move permanently to New Zealand. “We have been dealing with more Americans. A lot of them have visited previously, and they love the lifestyle,” she said.
Many wanted to raise their children in a traditional Kiwi setting, so they were looking for homes in bush settings.
Alex Martelli, of Martelli & Co, says she has "been dealing with more Americans. A lot of them have visited previously, and they love the lifestyle.” Photo / Supplied
While they often wanted character, some struggled sometimes to understand the construction of New Zealand properties, and some American clients were used to big Texas houses so were not so keen on a Ponsonby villa.
Most wanted views - “I want to be able to see the ocean from across my toes from bed" - but garaging was also important. “We have clients who have five or six cars, so suddenly you're looking for triple garaging and that limits down the properties fairly quickly.”
Ollie Wall, from Wall Real Estate, said inquiries were up with most looking for a holiday home, though that did not always mean at a beach, as sometimes a house in Auckland fitted the holiday home bill.
Enquires were coming mainly from America and China, with buyers already flying in for a look.
People who had been humming and hah-ing were now ready to jump in, he said: “Their view on it is the value is going to rise as soon as the floodgates open.”
Most wanted homes that were fully finished (they did not want to have to renovate), and everyone wanted a nice view, especially of the sea. “I guess a lot of them are coming from heavily populated cities, and they're coming to New Zealand for the beautiful country we’re lucky enough to live in.”
Queenstown has attracted a lot of overseas interest and has seen prices spike this year. Photo / Getty Images
Gyms and saunas were big with Americans, while Chinese people liked a scullery and conversations around feng shui were often held. “We've had people say, ‘Oh no’ after we've shown them a house that suits all of their needs. They say, ‘Oh no, the money flows right out the door there.’”
Buyers’ agent Jo Eddington, who works in Queenstown-Lakes, said she had been in talks all year with a Silicon Valley billionaire investor who was applying for a golden visa. “They’re just waiting now to find out when they will be able to purchase.”
She worked a lot with Americans whose appetite to come to New Zealand increased “every time Trump gets up and says something new".
“Having that golden visa is really like a security ticket, if you like, in terms of giving them an option to get the hell out because it's just crazy, and it's not just America. There's quite a lot of interest coming out of Europe, in particular in Germany.”
Although many of her clients had private jets, not all were looking for a big, super shiny house. Nonetheless, she often showed people “incredible” properties being sold off-market between $10m and $20m.
Buyer's agent Jo Eddington says she often introduces her clients to neighbours: “They get to see that everyone drives around in a four-wheel drive ute.” Photo / Supplied
People looking in Queenstown-Lakes wanted access to mountain bike trails and needed plenty of room for friends to come and stay, but they also wanted to plug into the local community. “They don’t want to come out here and bring the wife and then go, ‘Like, now what do we do? You know, we’re stuck out in Dalefield in a big mansion and we’ve got no friends, what do we do now?”
Eddington introduces people to others in the community and takes them to the pub. “They get to see that everyone drives around in a four-wheel drive ute and they've got a dog on the back and everyone's pretty relaxed, and they're also fellow billionaires, right? They're just Kiwis. They sort of fall in love with that.”
Sometimes she takes people to the exclusive Mountain Club in Queenstown, which has a lot of high-net-worth members, including tech entrepreneurs. “They get to, I guess, cross-pollinate and swap ideas, because there’s a lot of tech innovation happening down here.”
Helicopter pads are on the list of requests, and occasionally a bunker, Eddington says.
“They don't say it up front, but I have had a couple of people, and they tend to be a little bit more eccentric, but they sort of will say, ‘Oh, I'd really like you to build me a scullery underneath the kitchen and quite large.’”
Walker & Co agent Hamish Walker said FOMO had returned to the Queenstown market. Photo / Supplied
There were plenty of grand homes to go around, she said: “It’s actually mind-blowing. There are a lot of driveways and you'd never get access to these properties.
“It is like selling Sunset. You're showing them these jaw-dropping properties, but I can't post any of them because they're off-market or private, and so you're sort of pinching yourself with all these door codes to $12 million properties.”
The newcomers due to arrive were in good company because there was a lot of wealth in Queenstown-Lakes, she said.
“Like, you go to the local pub in Arrowtown and the other night there were three different guys in our group, and they're all in jeans. We're all watching the rugby, and they've all got private jets, and they’re Kiwis. All you know is their first name and they've got the dog and then the wife's over there and the kids are at school and everyone is just so normal.”
Mark Harris, managing director for New Zealand Sotheby's International Realty, said his agency's overseas enquiries were mainly from America and Singapore. “It's not off the charts, but definitely a renewed feeling of positivity and enquiry from overseas people.”
A positive for Queenstown was the accessibility to the airport, where private jets could land so people could be home within 20 minutes after exiting customs, Harris said.
Most did not want to build and were after four bedrooms or more, with some wanting saunas, spas and plunge pools.
“We're starting to see more emphasis on health and well-being, and one of the things that New Zealand also has is the ability to provide fresh air and clean water and all those sorts of things.”
Golf was often high on the agenda for Americans and Australians, so areas like Jacks Point and The Preserve were popular, as were Lake Hayes and Dalefield, because of the world-class facilities.
Cam Winter, managing director of Oliver Road, said he had received enquiries from family offices and wealth managers representing high-net-worth people.
The biggest change he had seen, though, was from people who could already buy: “There was just a sort of flick of this switch in terms of those buyers shifting from really passive, no urgency through to ‘OK, now is the time to do it.’”
But Winter was not sure how much impact the rule relaxation would really have in terms of newcomers because New Zealand was a long way to come. “I was in San Francisco [recently], tech industry people and things, and they were quite shocked that I'd come over for five days - overnight, 11 to 12-hour flight. They sort of see it as being miles away because they can get to other places quicker than that.”
Hamish Walker, from Walker & Co, in Queenstown, said the biggest trend he was seeing was FOMO. He had sold nine multimillion-dollar properties in September and October, including to Australian retirees, Aucklanders, and South Islanders.
Buyers came with a long list of requirements, but at the top was usually privacy and a “uniqueness” of architecture, or access to trails. Some wanted a gated community where they could feel safe, but others did not want to see another house for miles.
Walker also said Americans tended to want big, trophy properties with privacy and acreage. “If the budget's high, they want a good functional kitchen where their chef can cook. They want somewhere where the nannies can stay; a private wing.”
Australians usually wanted to be able to walk to town – “somewhere they can walk to the pub, yes, and stagger home”.
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