Offshore interest in prestige property ramps up
High-net-worth foreign buyers are flying into New Zealand’s Southern Lakes in greater numbers as changes to foreign house-buyer rules take effect, with Queenstown, Arrowtown, and Wānaka topping their shopping lists.
New Zealand Sotheby’s International Realty (NZSIR) managing director Mark Harris (pictured) said offshore interest in prestige property has shifted from online curiosity to on-the-ground inspections in recent weeks.
“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,” Harris said. “We’ve seen a noticeable pick up in enquiry and actual viewings. High-net-worth individuals are now increasingly physically present in Queenstown and Auckland for viewings, rather than just enquiring from a distance.
“About half a dozen private jets arrived in Queenstown over the past few weeks and they continue to arrive regularly.”
Homes attracting the most attention are residential properties above $10 million in the Southern Lakes and blue-chip suburbs of Auckland. Buyers are coming from the US, Australia, Germany, Switzerland, Hong Kong, Japan, and China, Harris said.
The development comes as new AIP visa rules are funnelling wealthy migrants into a thin ultra‑prime segment, with just 142 homes listed above $10m and demand for $20m‑plus “trophy” properties far outstripping supply, according to realestate.co.nz.
Southern Lakes dominates ultra-high-end sales
NZSIR’s national $5 million-plus sales are up 55.6% compared with the same time last year, with the Southern Lakes now the standout high-value hub. The region accounts for nearly 80% of the agency’s $5 million-plus transactions.
“Overseas buyer participation has doubled year-on-year, and that was before the policy change came into effect today,” Harris 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%.”
Top-end listings drawing international inspections include properties with expansive views, space and privacy such as 33 Central Park Avenue (Lake Hayes), 27 Edinburgh Drive (Queenstown), and 114 Hensman Road (Queenstown).
Visa rule change sparks offshore traffic surge
The spike in activity coincides with changes to the Overseas Investment Act allowing Active Investor Plus (AIP) resident visa holders to buy certain properties over $5 million. Harris said the shift is already visible in digital enquiry.
He noted that the NZSIR website is seeing a surge in overseas users, with visits from US-based internationals up 61% and Australian traffic up 24% year-on-year.
“Our website traffic is a solid demand indicator, and from what we can see in these early stages of the AIP update, the demand is definitely there,” Harris said. “The challenge for the market will be meeting that demand, as properties in the $10 million-plus bracket are still relatively rare in NZ.”
Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.
