- An 11-bedroom Queenstown home, designed around feng shui, is listed for more than $15 million.
- Built for intergenerational living, the 1.43-hectare property features two bedroom wings and expansive communal spaces.
- Otago recorded eight AIP purchases after March’s rule changes, signalling strong demand from overseas buyers.
An 11-bedroom, eight-bathroom home built for positive energy and a big family is on the market in Jack’s Point, Queenstown-Lakes, with an RV of just over $15 million.
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Designed as an arrowhead with feng shui principles in mind, the house, which sits on 1.43ha, is owned by offshore Chinese developers, says New Zealand Sotheby's International Realty agent Russell Reddell, who is marketing the property with colleague Matt Finnigan.
“It was designed as an intergenerational home. With 11 bedrooms, there's lots of space for that same sort of concept - someone looking for an intergenerational home. It's got a lot of bedrooms, that's for sure.”
The house is orientated towards the lake with the mountains behind. “I'm not a feng shui expert, but it's all to do with the right energy and positivity flowing through the house. The water in the front and the mountains at the back are a big part of that," Reddell says.
The house at 4 Matagouri Drive boasts 11 bedrooms and sits on a 1.43ha site. Photo / Supplied
The property is not suitable for AIP purchase, but it is attracting overseas interest. Photo / Supplied
The house is designed to resemble an arrowhead and to harness positive energy. Photo / Supplied
He adds: “You've got two different wings of bedrooms, so it's not all just one big hallway of bedrooms. It could be one family in one wing, another family in the other wing, and they are joined together in a big communal area with a very large kitchen and dining area.”
With sweeping views from every bedroom and the main living areas, the home was built for entertaining and large family gatherings. Completed in 2015, it has seen little use in recent years, prompting the owners to put it on the market.
“It is a very large home. It's almost a boutique hotel, but at Jack's Point it's really all about family living. You've also got direct access to The Preserve and the golf course at Jack’s Point - it's a championship golf course, which is great.”
While demand in Queenstown from Active Investor Plus visa-holders – the so-called Golden Visa-holders - is strong, the property exceeds what AIP buyers can purchase.
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Despite the restriction, overseas interest has been strong, as has domestic. Reddell said stock at the upper end of the market in Queenstown-Lakes was limited. “I think there's a real need for very, very high-end new builds,” he told OneRoof.
Buyers with $20m and $30m in their pocket, often successful businesspeople from Europe, America and Asia, wanted exceptional properties, he said. “There are some people with some high-end demands and expectations of what they're used to or want.
“Some of those people are AIP people coming in. They've only got the chance to buy one house, and if they're coming all the way from overseas and getting an AIP, they can afford it, and they want to have a very nice house."
Newly released data from LINZ shows there have been eight AIP purchases in Otago since the foreign buyer rules were changed in March.
A lifestyle property on Ballantyne Road, in Wanaka, was snapped up by an AIP visa-holder last month for $7.2m. Photo / Supplied
Buyer’s agent Jo Eddington, of Buying Queenstown, told OneRoof she recently helped a European family buy a lifestyle property on Ballantyne Road, in Wanaka, for $7.2m.
The property, which was listed with Aspire Realty's Craig Myles, had been on the market since late last year.
Eddington said the AIP visa-holders planned to move to New Zealand and enrol their children at local schools. “It's a really cool story. It's not just someone getting the visa; it's actually someone who's getting it to move their family out here.”
Eddington said there was a lot of demand in the AIP market, with buyers keen to find out more about the visa and residency programme.
Eddington said she was heading to America this month to hold roadshows on the AIP process. “It’s a bit broader than just ‘Here's a visa, put your money in.' It's a bit more interest, I guess, in New Zealand in general, and that's certainly the aspect I'll be presenting to the audiences.”
- 4 Matagouri Drive, The Preserve, Jack's Point, Queenstown, is for sale by negotiation
