The number of luxury homes purchased by foreign buyers has quadrupled within a single month following a change in visa regulations, though industry experts caution that the initial surge may not represent a permanent shift in the high-end market.
Since March 6, the Overseas Investment Office has approved 16 applications for property purchases from investors holding an Active Investor Plus (AIP) visa—commonly referred to as the “golden visa.” Under the updated rules, these visa holders are permitted to acquire residential properties valued at $5 million or more.
Data indicates that buyers from five countries—the United States, South Korea, China, Germany, and Japan—have utilized the new pathway. The majority of the activity has been concentrated in Auckland, where 11 homes were purchased, followed by four in Queenstown-Lakes and one in Hawke’s Bay.
Notable transactions include a waterfront mansion in Glendowie, sold by former NBR owner Barry Coleman to an Asian family for $13.8 million, and a Coatesville estate, previously owned by reality TV star Michelle Blanchard, which sold to a visa holder for $11.4 million. Other acquisitions include a $10.5 million lifestyle block in Havelock North, a property in Wanaka exceeding $7 million, and a “knock-down” property overlooking Lake Hayes.
While the growth in approvals is evident—OneRoof had reported only four granted applications at the end of March—the broader market remains dominated by domestic buyers. Chris Farhi, head of insights at Bayleys, noted that 57 residential and lifestyle properties priced over $5 million were sold in the first quarter of 2026, suggesting the bulk of expensive real estate is still being acquired by locals and expats.
Farhi suggested the current volume of approvals could be the result of “pent-up demand” from buyers who were waiting for the rules to change. He expressed surprise that Auckland led the sales over Queenstown-Lakes, which suggests that golden visa holders may be seeking permanent residences rather than holiday homes.
The regional divide may also be driven by different buyer motivations. Alex Martelli, founder of Martelli Buyers Agents, observed that buyers choosing Auckland often prioritize access to top schools for their children to move permanently, while those opting for Queenstown are typically seeking a secondary home for lifestyle and scenery.
Martelli further noted that overseas buyers are showing less interest in central Auckland, preferring the North Shore or lifestyle areas such as Coatesville and Dairy Flat. She also cautioned against assuming foreign buyers have unlimited budgets, noting that some may be operating at the $5 million to $6 million level rather than $10 million or more.
Availability of stock remains a significant hurdle. Farhi pointed out that many high-value properties are either too large or located on coastal “sensitive land,” both of which are exempt under the rules. Similarly, Cam Winter, managing director of Oliver Road, highlighted a shortage of high-calibre stock in Queenstown, citing an instance where a vendor declined a $28 million off-market offer because they did not need to sell.
Winter believes the 16 approvals signal a longer-term trend rather than a policy failure, citing Treasury figures that show Auckland has significantly more qualifying stock (7,192 properties) compared to Queenstown (approximately 913 properties). He expects that applicants currently in the process may be settling later in 2026 or into 2027.
Whether this activity will continue to snowball remains a point of debate. While some agents report increased interest in the pipeline, others, including Martelli and Farhi, remain unsure if the volume will sustain its current momentum once initial demand is satisfied.
