PHOTO: Demand for Luxury Remains Sky‑High. FILE
According to Patrick McAteer of NZ Sotheby’s Realty, the market for NZ mansions over $10 million has more than doubled since 2020, even as the wider market faces turbulence. That jump mirrors a broader trend: premium properties haven’t just held steady—they’re thriving.
📊 What the Data Shows
The $4M+ segment saw over 150 sales with an average price of $5.8M and most homes moving in about 171 days.
In the $5M+ bracket, Queenstown jumped 21% in sales volume between 2023–2024, while Auckland dipped 14%.
Despite a 55% drop in total luxury sales between 2021 and 2024, the ultra-premium sector has proven resilient.
🌍 Why the Ultra-Luxury Market Is Defying the Odds
What’s powering this surge?
Privacy and lifestyle premium – Buyers feel safe with bricks-and-mortar assets, privacy, and iconic views.
Offshore interest re-emerging – Golden visas, wealth shifts, and safer havens are drawing foreign and expat Kiwis back.
Regional appeal rising – Hunter retreats in Queenstown and Bay of Plenty are outpacing Auckland for ultra-luxury.
Cash-rich buyers – Less reliant on mortgages, many are paying in cash and waiting on foreign investor rules to adjust.
🏡 The McAteer View: Confidence in Confidence
Patrick McAteer notes that buyers in this segment are deliberate and confident. In NZ’s coastal hotspots and lifestyle centres, significant off-market deals continue—proof that demand remains strong despite wider market pressures oneroof.co.nz.
📌 What This Means for Kiwis
If you’re a high-net-worth buyer or seller:
Selling? Demand remains strong, especially in lifestyle and regional premium markets.
Buying? You’ll face rising competition and fewer negotiable properties.
Investing? Luxury real estate is still seen as a stable, long-term asset—perfect for wealth preservation.
🔑 Takeaway
While mainstream murmurings talk of a housing slump, the ultra-premium NZ real estate market is thriving. With demand doubling since 2020, buyers are prioritising privacy, lifestyle, and offshore haven status—keeping luxury property firmly in the fast lane.