Relocating Kiwis Push Up Premium Property Prices

Scoop

15 hours ago

Press Release – New Zealand Sotheby's International Realty
New Zealand Sothebys International Realty managing director Mark Harris says buyers are looking to these regions as they seek more in a property; whether its more land, more features or a larger home.
Selwyn in Canterbury, Nelson-Tasman and areas of the Waikato have been identified as emerging premium property hotspots, with an increase in property sales over $2 million.
The increase is likely attributed to internal migration to these regions, as affluent Kiwi buyers relocate for lifestyle, space and quality new builds.
New Zealand Sotheby's International Realty managing director Mark Harris says buyers are looking to these regions as they seek more in a property; whether it's more land, more features or a larger home.
'Many buyers at the moment are less focused on the postcode and more interested in the features of a property,' he says. 'What you pay for a villa in Grey Lynn might buy you a lifestyle block with a swimming pool in Selwyn. With the digitisation of the workspace, lowering interest rates and better roads and transport – particularly in Canterbury and the Waikato in relation to city and airport accessibility – it's never been easier for Kiwis to relocate.'
In Selwyn, the population has grown by 19,381 internal relocators between 2018-2024, driving a 44% rise in median property prices to nearly $800,000 and a significant increase in homes selling above $2 million – a price point rarely seen there just a few years ago. In comparison, just seven homes sold for over $2 million in 2018, yet in 2024 there were 44 sales over $2 million – an increase of more than 500%.
'The wider Canterbury region is seeing a resurgence in interest, and in Selwyn, people are excited about the prospects of the area, now that it has re-established after the earthquake,' says Harris. 'It has good schools, jobs, lifestyle and is good value in comparison with the more traditionally sought-after suburbs of Merivale and Fendalton.'
A similar trend is emerging in the Nelson-Tasman region, where lifestyle estates and coastal homes are now commanding higher prices. The region has welcomed 2,740 Kiwis relocating from other areas of NZ between 2018 and 2024, and it has consistently experienced solid year-on-year price growth of around 5.5%. High-end, $2 million-plus sales in the region have nearly tripled since 2018.
'These are not just statistical gains, they're people making intentional moves, often mid-to-upper income earners seeking quality of life,' says Harris. 'Our Nelson office has had one if its best six months on record, with the volume of sales up and some significant prices being achieved in the area.'
The Waikato has also experienced a surge in domestic migration; 10,475 internal people moved to the region between 2018-2024. Sales of $2 million and over hit record highs in 2021, and while there's been some correction, 2024 still outperforms pre-Covid levels, with a steady average yearly increase in the median sales price by over 5%.
Harris says many Kiwis are viewing the Waikato as a viable place to live due to improved road and transport connectivity with Auckland.
'The Waikato is also seeing a good pick up in results after a tough few years,' he says.'Cambridge and Tamahere are where young families are establishing themselves on lifestyle blocks close to great schools, with enough room for pools, animals and orchards, yet still close to Auckland and the coastal beaches.'
About New Zealand Sotheby's International Realty
New Zealand Sotheby's International Realty (NZSIR) is a specialist agency that focuses on the sale of premium property through quality marketing and global networking. Founded in 2005 by Mark Harris and Julian Brown, the NZ branch of the global company has 28 offices nationwide – Northland, Auckland Ponsonby, Auckland North Shore, Auckland Remuera, Auckland Eastern Bays, Auckland South East, Waiheke Island, Hamilton, Cambridge, Rotorua, Taupō, Napier, Ahuriri, Havelock North, Palmerston North, Masterton, Greytown, Kapiti, Wellington, Hutt Valley, Nelson, Marlborough, Christchurch, Wānaka, Arrowtown and its head office in Queenstown. It also has an Australian office in Melbourne, Victoria.
NZSIR is part of Sotheby's International Realty – the world's leading luxury real estate company – with a global network of approximately 1,110 offices and more than 26,000 affiliated independent sales associates throughout 84 countries and territories. It is through this unparalleled luxury network that NZSIR is able to access and market properties on an international level. In 2022/2023 NZSIR was named Best International Real Estate Agency Asia Pacific (5-20 offices) at the International Property Awards and recently won Best Property Agency/Consultancy New Zealand at the 2025 International Property Awards for the Asia Pacific region.