High‑net‑worth investors ramp up interest in $10m–$20m Kiwi property
Wealthy offshore buyers are showing renewed interest in New Zealand’s ultra‑high‑end housing market, with agents reporting a clear lift in enquiries for multi‑million‑dollar properties since the Iran war began.
Sotheby’s International Realty managing director Mark Harris (pictured) said there had been increased interest from foreign buyers since changes to the so‑called Golden Visa and the Overseas Investment Act were announced, even before they came into force.
“Noticeable pick up particularly from the US, and countries like Germany and Switzerland lately,” he told RNZ’s Nine to Noon.
Under New Zealand’s updated Overseas Investment Act, Active Investor Plus, Investor 1 and Investor 2 visa holders can apply to buy or build a house worth more than $5 million, with consent required under the new “$5 million plus house” pathway and separate Overseas Investment Office screening still applying.
Harris noted that where US enquiry previously came mostly from the West Coast, demand is now emerging “from across all the United States”. Investors from Germany and the United States have already made purchases under the new settings.
Ultra‑high‑end segment draws strongest offshore interest
While the updated immigration rules allow eligible foreigners to buy homes worth more than $5 million, Harris said the most intense interest is higher up the price ladder.
“The ones that we’ve got are generating quite a bit of interest in that sort of ultra-high end, so I’m sure there’ll be contracts coming forward,” he said, referring to properties in the $10–$20 million range.
That trend is in line with New Zealand Sotheby’s International Realty data showing a 28% year‑on‑year lift in $5m‑plus sales in 2025, with deals up to $30m among the country’s top residential transactions.
Queenstown–Wānaka lead, Auckland still on the radar
Harris said the southern lakes region – Queenstown and Wānaka – remains the top drawcard for wealthy offshore buyers, though Auckland’s prime harbourside suburbs continue to attract interest. Web traffic and enquiry from Asia and the Middle East have also picked up, with Harris pointing to stronger engagement from Hong Kong and the UAE.
He believes the trend has staying power.
“I think the interest in New Zealand is not going to go away,” he told RNZ.
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