02-08-2025
- Business
- Otago Daily Times
Rich Aussies on the hunt for $3m-plus properties
A high-end Arrowtown-based realtor recently named New Zealand's best real estate agent says there's a big shortage of luxury Whakatipu properties for sale compared to the number of interested buyers.
"The current market is seeing a 10-fold imbalance of buyers versus available high-end properties, with Lake Hayes noted as a hot spot for demand," Oliver Road managing director Cam Winter says.
"We are contacted daily by buyers with budgets of between $5million and $25m, but they have very specific requirements and aren't going to part with that sort of money if something isn't quite right."
People with $8m to spend won't just buy the best available option, he notes — "they're happy to wait until the perfect place comes along".
Winter, who's been joined by sales partner Omea Swanson over the past six months, won the best NZ agent award (2025-26) at the International Property Awards' Asia Pacific awards in Bangkok, Thailand — he also spoke on a panel about the Queenstown property market.
Oliver Road also won best real estate agency website in NZ and the top NZ marketing award.
With the first two awards, Winter and his firm are also in the running for Asia Pacific and international awards which will be announced in December.
When his company solely operated in the Bay of Plenty, he also won the Asia Pacific best agent title in 2021-22.
He set up his Arrowtown office in '23 and, since launching with three listings 18 months ago, the firm's sold 18 properties ranging from about $3m to $12m.
Winter notes buyers like his agency's transparent pricing.
"As the agent for a property worth $7m or $8m, we have a responsibility not only to the seller of that property to get the best price but also to the current and future sellers of other properties in what is such a small market segment.
"The results heavily impact what can be obtained for other properties."
He notes about 60% of his buyers are from Australia, and primarily Sydney.
"A notable recent sale of 408 Littles Rd at $7.23m took place after a multiple offer situation with both buyers being from Australia."
Following recent comments from NZ First leader Winston Peters, whose party's in the coalition government, "we expect the current overseas buyer settings [allowing only Australian and Singaporean foreign residential buyers] to change, though this is likely to allow only those investing in the country to acquire property here, over a threshold such as $5m".
