In March 2026, reforms to the Overseas Investment Act 2005 allowed high-net-worth individuals with Active Investor Plus visas to buy or build one residential property. These properties must be valued at $5 million or more.
Ray White Epsom agent Richard Thode has sold a majority of Ray White's homes over $5 million since the changes came into play. He said international buyers were being very selective.
“Out of all the properties my team has sold above $5 million, we had one person from the UK purchase a home, but they were a New Zealand expat returning home,” Mr Thode said.
“We are seeing a lift in international buyer enquiry, but they are very selective with the properties they wish to visit.
“The properties tend to be more high end than $5 million and are properties that could be considered more ‘exclusive’ properties.”
Mr Thode currently has two properties listed in the $5 million plus range.
“It would be fair to say recent activity has slowed slightly on $5 million plus houses, but this slow down could be attributed to the time of year, being winter and having been school holidays,” he said.
"However, we currently have two properties listed in the $5 million plus range and we have received offers on both properties.
“Buyers for these two properties have been local."
Ray White Queenstown agent Hitesh Talreja said he does see some international interest, but mostly from Australian and Singaporean buyers who are exempt from the foreign trade restrictions.
“From what we're seeing in the Queenstown market, there is strong demand for premium properties valued at $5 million and above,” Mr Talreja said.
“Australia and Singapore continue to be key source markets, with many buyers holding cash and ready to purchase when the right property becomes available.
“We're also seeing solid interest from New Zealand expatriates returning or investing back home, alongside local high-net-worth buyers. This diverse buyer pool is creating healthy competition for quality homes in the luxury segment.
“One of our most recent luxury sales was to a New Zealand buyer based in Singapore, which highlights the continued appeal of Queenstown on the international stage.
“We are also working with several Australian buyers actively searching for premium homes, but the number of available properties remains limited.
“While global economic conditions always influence buyer behaviour, Queenstown continues to be viewed as a safe, lifestyle-focused destination with long-term investment appeal.”
