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New Zealand Opens Luxury Property Market to Wealthy Foreign Investors as Housing Stabilises

New Zealand Housing Market

Wellington eases a cornerstone restriction for “Active Investor Plus” visa holders—while market data show prices largely steady and sales firmer into winter.

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Auckland and
Queenstown.

Policy shift: tightly targeted access for foreign buyers

New Zealand has partially reversed its 2018 foreign-buyer ban, allowing holders of the revamped Active Investor Plus (“golden visa”) to purchase or build one luxury home priced at ≥ NZ$5 million. The change also removes the previous requirement to spend six months a year in the country before buying. Government officials frame the move as a way to attract high-net-worth capital amid a weak economy, while limiting any broader market effect because homes above NZ$5 million account for less than 1% of the stock.
(Reuters,
AP News)

The golden-visa settings—rebooted earlier this year—allow residency via investment, with thresholds of NZ$5 million (higher-risk over three years) or NZ$10 million (lower-risk over five years). Authorities report ~301 applications so far, implying as much as NZ$1.8 billion of potential investment.
(Reuters,
AP News)

Critics argue the change prioritises affluent foreigners over local affordability concerns; supporters counter that the ultra-luxury
threshold and one-home cap keep the policy contained. (AP News)

Market snapshot: prices steady, sales firmer

The QV House Price Index (July 2025) shows the average home value at NZ$909,671, unchanged year-on-year and down 0.5% over the quarter.
(QV HPI)

The REINZ July 2025 releases report a 0.1% YoY rise in the national House Price Index, -0.1% in Auckland and +0.2% outside Auckland. Listings were lower than a year earlier,
but seasonally adjusted activity improved, with 6,319 properties sold in July (+4.0% YoY).
(REINZ HPI July 2025,
REINZ Market Update,
REINZ Property Report)

Indicator Latest Source
Average value (national) NZ$909,671 QV
Quarterly change -0.5% QV
REINZ HPI YoY +0.1% (Auckland -0.1%; ex-Auckland +0.2%) REINZ
Sales (July) 6,319 (+4.0% YoY) REINZ

Regional picture

Regional momentum remains mixed. QV notes some areas—such as the West Coast—clocking stronger annual gains, while larger centres like Wellington and parts of Auckland remain subdued relative to their 2021 peaks.
(QV analysis)

What this means for buyers, sellers & investors

  • Domestic buyers: Choice remains constrained by low listings, but stabilising prices and improved borrowing conditions versus 2024 favour diligent pre-approval and swift decision-making.
  • Sellers: Presentation and pricing strategy matter—winter sales volumes lifted YoY even as new listings lagged. Consider recent local REINZ reports when setting expectations.
  • Foreign HNW investors: The pathway is narrow (≥ NZ$5 m, one home), but it re-opens a slice of prime stock in Auckland and Queenstown. Start with on-the-ground market intel and legal guidance on the golden-visa rules
    (Reuters,
    AP News).

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Explore Auckland and
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Outlook

Most forecasters see modest appreciation into 2026 as monetary conditions gradually ease and economic growth stabilises, though affordability and supply remain the key swing factors.
The luxury carve-out for foreign investors adds capital at the top end without materially shifting broader dynamics—at least while the ≥ NZ$5 m threshold and one-home limit remain intact.

Sources & further reading

 

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