Under the new regime wealthy foreigners get more leeway to buy New Zealand residential properties for $5 million-plus.
Real estate agents say high-net-worth individuals are already busy shortlisting property in Queenstown, Arrowtown and Wānaka.
New Zealand Sotheby’s International Realty managing director Mark Harris said the buyers were flying in to see the properties in person rather than online.
“Last week, NZSIR Queenstown had one of the busiest weeks in a long time with 14 sales, one over $10 million and another over $7 million.
“We’ve seen a noticeable pick up in enquiry and actual viewings. About half a dozen private jets arrived in Queenstown over the past few weeks and they continue to arrive regularly.”
The most popular target properties were residential homes above $10 million in the Southern Lakes and properties in wealthy Auckland suburbs.
Buyers had been visiting from the US, Australia, Germany, Switzerland, Hong Kong, Japan and China.
The Southern Lakes now accounted for nearly 80% of Sotheby’s $5 million-plus property transactions, which were up 55.6% compared to this time last year.
“Overseas buyer participation has doubled year-on-year, and that was before the policy change came into effect today,” he said.
“Just 6.5% of Southern Lakes purchasers were from overseas in January-February 2025. For the same period this year, it has increased to 13%.”
- Allied Media
