Where Are New Zealand’s Most Expensive Homes? Property Report Reveals NZ’s Most Expensive Residential Real Estate
Even before the onset of Covid-19 New Zealand was fast gaining a reputation as a bolt hole for billionaires. So, what might be in store for the top end of the New Zealand property market when borders open and immigration once more becomes an option?
This month’s OneRoof Property Report takes a deep dive into the very top end of the New Zealand residential property market revealing the vast majority of New Zealand’s top end homes are owned by Kiwis and while the prices may be eye watering the luxury end of the market is miniscule.
“While plenty of us might be fascinated by the mansions and lifestyles of the rich and famous the number of really high-end sales is tiny,” said OneRoof Editor Owen Vaughan.
OneRoof data partner Valocity investigated the 2.2 million residential property exchanges since 2000 discovering that sales over $10 million-plus accounted for just 0.004% of the entire market.
The OneRoof Property report reveals the locations of New Zealand’s top 100 homes and examines what makes them so expensive - is it location, land size or proximity to a beach?
The record for a New Zealand residential sale is $38.5 million set 8 years ago and real estate agents dealing in the top end of the market aren’t predicting a swarm of sales in that bracket even when borders do open.
“Agents have told us that there just aren’t enough of the types of houses in New Zealand to lure the uber rich. Homes with seven bedrooms, seven bathrooms, gym, sauna, swimming pool, tennis court, five car garaging and a helipad are pretty rare. So, if they do come, the international uber wealthy might have to slum it a bit,” said Vaughan.
The OneRoof investigation has also revealed the engine room of the New Zealand property market is in the $1m-$2m and $2m-$3m price bands with the biggest increase in sales by number over the past 20 years. Agents have told OneRoof this reflects the fact there are many more wealthy Kiwis in the country than there used to be.
The May 2021 OneRoof Property report also looks at how real estate agents find buyers for the most expensive homes and the simple style tips from the super wealthy house sales that any seller can learn from.
As well as the Property Report’s house price index showing the latest property values for every suburb in New Zealand, economics commentator Tony Alexander gives his regular insight into the property market.
May’s edition is the second OneRoof Property Report for 2021 and is available in print and online at oneroof.co.nz.
“Property was once almost an exclusively Auckland story, now it’s conversation topic regardless of where you are in New Zealand. After the weather, I suggest it’s one of the next things Kiwis are most likely to chat about,” said NZME’s Head of OneRoof Paul Maher.
“The impact on New Zealand’s property market of post Covid changes in immigration should interest all of us. The government suggests new immigration settings could allow more than 200 wealthy international investors into New Zealand – it’s going to be very interesting to see the impact of what they do with their money and where in New Zealand they spend it,” said Maher.