- Since March 6, there have been 20 property purchases by foreign investors under the Active Investor Plus scheme.
- Most purchases were in Auckland, with one elusive $5 million-plus property in Waikato.
- Agents report increased interest from US buyers, but $5 million-plus sales remain rare in regions like Waikato and Coromandel.
It's the real estate verson of Where's Wally? But we're not trying to find a lanky traveller with a red-and-white jumper and bobble hat; we're trying to find a foreign buyer and a home worth $5 million or more.
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Since foreign investors were given a pathway to buy New Zealand property on March 6 this year, there have been 20 purchases under the Active Investor Plus scheme. Figures released by Land and Information New Zealand identified 14 purchases in Auckland, four in Otago, one in Hawke's Bay and one in Waikato.
OneRoof has been able to identify most of the homes on the list, but one property has proved elusive - the one in Waikato. We've asked top-end agents in the region, but they are as much in the dark as we are.
House sales of $5m and above are few and far between in Waikato, so one at that level would surely stand out, especially given that most of the region's expensive properties are off-limits to overseas buyers because they are on waterfront land or larger than 5ha.
Lodge managing director Jeremy O’Rourke said he had not seen an influx of overseas buyers in Hamilton or its surrounding lifestyle areas, but that didn’t necessarily mean someone hadn’t bought a high-calibre property in the city.
O’Rourke said his check of sales figures didn’t uncover any $5m-plus purchases, but he told OneRoof there were definitely impressive homes in the city that could sell for over $5m if they hit the market.
“They are not that obscure either, you drive around and the size of homes and the quality and the amenities ... they can get to $5m and beyond quite quickly.”
An architecturally-designed home on River Road, in Horsham Downs with an RV of $3.82m is among the high-end homes currently listed for sale just outside Hamilton's border. Photo / Supplied
Most had river or lake views and weren't directly on the waterfront. There were also a lot of lifestyle properties under 5ha in Te Kowhai and Tamahere worth $5m-plus.
O’Rourke highlighted some listings that could be picked up for between $3m and $5m, including 2221 River Road, in Horsham Downs.
The five-bedroom property, dubbed River House, sits on a 5000sqm section and was created by Red Architecture and David Reid Homes. It is for sale by negotiation with Lodge agents Craig Annandale and Yvenna Yue and has a price indication over $3.5m.
Thomas Estates managing director Angela Thomas agreed there were some beautiful homes in Tamahere, but $5m-plus properties in the wealthy enclave were "quite niche”.
Most of her stock was in the $3m to $5m price bracket, including a “beautiful” replica villa at 37 Ryvington Lane, which is inviting enquiries over $3.75m and has a swimming pool and tennis court.
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She told OneRoof that a six-bedroom manor at 282 Woodside Road, in Matangi, had attracted the interest of Australian buyers, but it had an RV of just under $4m, so wouldn't meet the criteria for AIP scheme.
Thomas said she had noticed an uplift in enquiries from the US this year (according to the LINZ figures, seven of the AIP purchases were by US buyers), and she is currently working with a screenwriter from Beverly Hills who is looking to relocate to New Zealand.
“They want a lovely, stable environment for their family. They love the outdoors, so New Zealand provides that lifestyle for them. It’s just really, really good for NZ as it offers a lifestyle that no one else can.”
New Zealand Sotheby’s International Realty Taupō director Penny Lyons sells some of the country's best lakeside properties, but she wasn't aware of an overseas buyer picking up a Taupō property in recent months.
Lyons just sold a lakefront property in Wharewaka to a local buyer for $3.5m, which she said was a top price for the area. “We are seeing the high-end ticking along. It’s just that $3.5m is a top sale for Taupō.”
A replica villa with a pool and tennis court on Ryvington Lane in Tamahere is inviting enquiry over $3.75m. Photo / Supplied
Thomas Estates agent Angela Thomas said she had listed some beautiful homes, such as this one on Woodside Road in Matangi, all within the $3m to $5m price range. Photo / Supplied
There were properties in Taupō that could sell for north of $5m, but they were few and far between.
Sotheby’s currently has two listings in the district that fit the AIP criteria. A four-bedroom, four-bathroom home at 49 Whakamoenga Point, in Acacia Bay, which has an asking price of $6.5m and belonged to late rich-lister philanthropist Richard Izard.
A modern four-bedroom, two-bathroom home at neighbouring 2 Pataka Road has an RV of $5m and last changed hands three years ago for $5.05m before being listed as a deceased estate sale.
Lyons said Taupō was attracting some overseas interest, but the level was below what she had expected. “We are seeing the skew go to Queenstown, Wānaka and then Auckland, so we are not seeing as much as we anticipated seeing.”
Bayleys Coromandel director Lee Carter said it was a similar situation in his patch. “Believe it or not, there’s not a huge volume of sales across the Coromandel that are over $5m. There’s definitely the odd one, but it’s not like you’d think; it’s not like there’s been dozens over the last couple of years.”
Carter said some of the Coromandel’s most expensive properties were on the beachfront or on large rural plots, which ruled them ineligible for foreign buyers.
Philanthropist Richard Izard's impressive home overlooking Wakamoenga Point, in Taupō, is for sale for $6.5m. Photo / Supplied
A modern four-bedroom home across from Lake Taupo is one of a few properties for sale in the town that could meet the criteria for an AIP purchase. Photo / Supplied
A 701sqm section on Pauanui Waterways paired with a $3m luxury new-build could qualify because it does not have a boat ramp. Photo / Supplied
There were a few loopholes, which opened up some properties in the Whitianga or Pauanui Waterways. Carter said he understood that properties with pontoons could be bought by overseas buyers because there was a thin strip of land between the two owned by Hoppers Developments. However, those with boat ramps were out of bounds because they led directly into the water.
“We do definitely have product, but there are only a handful of sales in the history of the waterways that reached the $5m price threshold.”
Bayleys has just listed a 701sqm section for sale at 112 Motu Hei in Pauanui Waterways, which, if bought as a house-and-land package, could qualify. The section doesn’t have a boat ramp and, once a luxury $3m plus home was built on it, would reach the $5m threshold.
A six-bedroom, five-bathroom luxury lodge at 151F Te Punga Road, in Whangapoua, would also qualify. It has an asking price of $5.95m and could be run as a lodge or used as a private retreat.
Carter said there had been a noticeable increase in offshore traffic in the Coromandel, but most of that was from expats looking to return to New Zealand. He’s also seen a lift in enquiries from Australia.
In Raglan, Bayleys agent Mark Frost did not know of any $5m-plus sales in the surf town but said several valuable homes in Whale Bay would fetch $5m if sold. There were also some new-build homes in the Rangitahi Peninsula, "which would be getting close to that value".
- Click here to find more properties for sale in the Waikato
