Latest news with #REINZ
Scoop
16-05-2025
- Business
- Scoop
Luxury Home Rentals Surge As Wealthy North Americans Queue For NZ Investor Visas
A surge in wealthy North American investors anticipating changes to New Zealand's foreign buyer rules is fuelling a sharp rise in off-market luxury home rental demand, according to property experts. Real estate agent Caleb Paterson says the country is seeing increased interest from ultra-high-net-worth individuals, particularly from the United States and Canada, who are looking to secure short-term leases in multimillion-dollar homes, while they wait for clarity around new investor visa pathways and possible amendments to the foreign buyer ban. According to latest REINZ data, there is a growing glut of premium homes languishing on the market, with median days to sell in Auckland of properties valued at $3.5 million rising from 42 days in March 2024 to 64 days in March 2025 listings. In Queenstown, days to sell for luxury listings have climbed even higher, reaching 95. 'These are clients who could buy a home tomorrow if they were allowed,' says Paterson, founder of Paterson Luxury Real Estate. 'They're testing the waters, sometimes paying $20,000 to $30,000 a week to rent properties that fit their lifestyle and long-term ambitions.' Paterson says the dynamic is reshaping how vendors approach the luxury market, with many now embracing a 'try-before-you-buy' model as a way to attract offshore tenants and potentially convert them into future buyers. He says New Zealand Trade and Enterprise has reported a 700% increase in the number of people visiting the Active Investor Plus Visa application page, compared to the older version of the visa at the same time last year. Paterson says he was approached by a premium rental firm wanting to match investors with properties after being unable to meet demand. 'While there is a surplus of rental properties at the lower end of the market, high net worth individuals have very specific accommodation requirements, and there is not enough suitable rental stock in the traditional market. This unmet demand has led to the development of a hybrid model, which is injecting hundreds of thousands of dollars into the economy each week. 'Traditionally, these homes would be listed for sale and sit idle while owners waited for the right buyer. But with the market stagnating in recent months we're now seeing more owners open to short-term rental agreements, particularly as these international clients are happy to pay well above local market rates. 'We've got vendors who previously would never have considered renting their home now proactively asking us to place it with international clients for six to 12 months. If the foreign buyer ban is lifted, we expect many of these tenants will put in an immediate purchase offer on these homes,' he says. Paterson says the shift comes amid rising uncertainty in key offshore markets. He says many of his Canadian clients are seeking to exit due to proposed wealth taxes and capital gains reforms, while American buyers are increasingly motivated by political instability and upcoming elections. 'Some are saying they just don't want to live under another Trump presidency. Others have had New Zealand on their radar for a while and the current visa discussions have reignited that interest,' he says. Half of Paterson's current listings – which include homes valued between $8 million and $20 million – are now available for rent, and many are receiving multiple enquiries before even hitting the open market. 'The demand is there, but the ability to purchase still isn't and that's what is driving this surge in ultra-luxury rentals. 'We're also seeing foreign exchange rates playing a role – with the NZD falling to its lowest point against the greenback in the past decade early this month, it's extremely favourable for these buyers, so what looks expensive locally can actually feel like a bargain to someone arriving from California or Toronto,' he says. Paterson says some owners have seen rental returns more than triple what the domestic market would offer, particularly when facilitated through high-end rental agencies. He says while one home might fetch $2,000 a week in the traditional market, it could rent for $6,000–$7,000 through private arrangements with vetted international tenants. 'There's a lot of wealth sitting in our homes that isn't being unlocked because we've frozen out foreign investment. Opening a pathway for buyers at the $5 million-plus level could drive a major reinvestment cycle and ease pressure across the market,' says Paterson. Paterson believes now is the perfect time for the Government to remove the current uncertainty preventing downsizers from moving to the next stage in their life. 'We're coming into winter, which is typically a quiet time, and without clarity, we're seeing people sit on their hands. I've had Kiwi clients walk away from retirement village agreements because they can't sell their homes, and that's clogging up movement across every tier of the market. 'A typical high net worth downsizer will reinvest most of the proceeds from the sale of a $5m plus home in local businesses as they look to build their retirement incomes. 'Letting high-value buyers into the country not only stimulates the property sector it also brings in capital, supports tradespeople and helps unlock the next stage of the housing cycle. If this is done right there will be a transfer of wealth that benefits New Zealand down the track,' he says.
Scoop
16-05-2025
- Business
- Scoop
Luxury Home Rentals Surge As Wealthy North Americans Queue For NZ Investor Visas
Press Release – Paterson Luxury Letting high-value buyers into the country not only stimulates the property sector it also brings in capital, supports tradespeople and helps unlock the next stage of the housing cycle. If this is done right there will be a transfer of wealth that … A surge in wealthy North American investors anticipating changes to New Zealand's foreign buyer rules is fuelling a sharp rise in off-market luxury home rental demand, according to property experts. Real estate agent Caleb Paterson says the country is seeing increased interest from ultra-high-net-worth individuals, particularly from the United States and Canada, who are looking to secure short-term leases in multimillion-dollar homes, while they wait for clarity around new investor visa pathways and possible amendments to the foreign buyer ban. According to latest REINZ data, there is a growing glut of premium homes languishing on the market, with median days to sell in Auckland of properties valued at $3.5 million rising from 42 days in March 2024 to 64 days in March 2025 listings. In Queenstown, days to sell for luxury listings have climbed even higher, reaching 95. 'These are clients who could buy a home tomorrow if they were allowed,' says Paterson, founder of Paterson Luxury Real Estate. 'They're testing the waters, sometimes paying $20,000 to $30,000 a week to rent properties that fit their lifestyle and long-term ambitions.' Paterson says the dynamic is reshaping how vendors approach the luxury market, with many now embracing a 'try-before-you-buy' model as a way to attract offshore tenants and potentially convert them into future buyers. He says New Zealand Trade and Enterprise has reported a 700% increase in the number of people visiting the Active Investor Plus Visa application page, compared to the older version of the visa at the same time last year. Paterson says he was approached by a premium rental firm wanting to match investors with properties after being unable to meet demand. 'While there is a surplus of rental properties at the lower end of the market, high net worth individuals have very specific accommodation requirements, and there is not enough suitable rental stock in the traditional market. This unmet demand has led to the development of a hybrid model, which is injecting hundreds of thousands of dollars into the economy each week. 'Traditionally, these homes would be listed for sale and sit idle while owners waited for the right buyer. But with the market stagnating in recent months we're now seeing more owners open to short-term rental agreements, particularly as these international clients are happy to pay well above local market rates. 'We've got vendors who previously would never have considered renting their home now proactively asking us to place it with international clients for six to 12 months. If the foreign buyer ban is lifted, we expect many of these tenants will put in an immediate purchase offer on these homes,' he says. Paterson says the shift comes amid rising uncertainty in key offshore markets. He says many of his Canadian clients are seeking to exit due to proposed wealth taxes and capital gains reforms, while American buyers are increasingly motivated by political instability and upcoming elections. 'Some are saying they just don't want to live under another Trump presidency. Others have had New Zealand on their radar for a while and the current visa discussions have reignited that interest,' he says. Half of Paterson's current listings – which include homes valued between $8 million and $20 million – are now available for rent, and many are receiving multiple enquiries before even hitting the open market. 'The demand is there, but the ability to purchase still isn't and that's what is driving this surge in ultra-luxury rentals. 'We're also seeing foreign exchange rates playing a role – with the NZD falling to its lowest point against the greenback in the past decade early this month, it's extremely favourable for these buyers, so what looks expensive locally can actually feel like a bargain to someone arriving from California or Toronto,' he says. Paterson says some owners have seen rental returns more than triple what the domestic market would offer, particularly when facilitated through high-end rental agencies. He says while one home might fetch $2,000 a week in the traditional market, it could rent for $6,000–$7,000 through private arrangements with vetted international tenants. 'There's a lot of wealth sitting in our homes that isn't being unlocked because we've frozen out foreign investment. Opening a pathway for buyers at the $5 million-plus level could drive a major reinvestment cycle and ease pressure across the market,' says Paterson. Paterson believes now is the perfect time for the Government to remove the current uncertainty preventing downsizers from moving to the next stage in their life. 'We're coming into winter, which is typically a quiet time, and without clarity, we're seeing people sit on their hands. I've had Kiwi clients walk away from retirement village agreements because they can't sell their homes, and that's clogging up movement across every tier of the market. 'A typical high net worth downsizer will reinvest most of the proceeds from the sale of a $5m plus home in local businesses as they look to build their retirement incomes. 'Letting high-value buyers into the country not only stimulates the property sector it also brings in capital, supports tradespeople and helps unlock the next stage of the housing cycle. If this is done right there will be a transfer of wealth that benefits New Zealand down the track,' he says.
Scoop
16-05-2025
- Business
- Scoop
Luxury Home Rentals Surge As Wealthy North Americans Queue For NZ Investor Visas
A surge in wealthy North American investors anticipating changes to New Zealand's foreign buyer rules is fuelling a sharp rise in off-market luxury home rental demand, according to property experts. Real estate agent Caleb Paterson says the country is seeing increased interest from ultra-high-net-worth individuals, particularly from the United States and Canada, who are looking to secure short-term leases in multimillion-dollar homes, while they wait for clarity around new investor visa pathways and possible amendments to the foreign buyer ban. According to latest REINZ data, there is a growing glut of premium homes languishing on the market, with median days to sell in Auckland of properties valued at $3.5 million rising from 42 days in March 2024 to 64 days in March 2025 listings. In Queenstown, days to sell for luxury listings have climbed even higher, reaching 95. 'These are clients who could buy a home tomorrow if they were allowed,' says Paterson, founder of Paterson Luxury Real Estate. 'They're testing the waters, sometimes paying $20,000 to $30,000 a week to rent properties that fit their lifestyle and long-term ambitions.' Paterson says the dynamic is reshaping how vendors approach the luxury market, with many now embracing a 'try-before-you-buy' model as a way to attract offshore tenants and potentially convert them into future buyers. He says New Zealand Trade and Enterprise has reported a 700% increase in the number of people visiting the Active Investor Plus Visa application page, compared to the older version of the visa at the same time last year. Paterson says he was approached by a premium rental firm wanting to match investors with properties after being unable to meet demand. 'While there is a surplus of rental properties at the lower end of the market, high net worth individuals have very specific accommodation requirements, and there is not enough suitable rental stock in the traditional market. This unmet demand has led to the development of a hybrid model, which is injecting hundreds of thousands of dollars into the economy each week. 'Traditionally, these homes would be listed for sale and sit idle while owners waited for the right buyer. But with the market stagnating in recent months we're now seeing more owners open to short-term rental agreements, particularly as these international clients are happy to pay well above local market rates. 'We've got vendors who previously would never have considered renting their home now proactively asking us to place it with international clients for six to 12 months. If the foreign buyer ban is lifted, we expect many of these tenants will put in an immediate purchase offer on these homes,' he says. Paterson says the shift comes amid rising uncertainty in key offshore markets. He says many of his Canadian clients are seeking to exit due to proposed wealth taxes and capital gains reforms, while American buyers are increasingly motivated by political instability and upcoming elections. 'Some are saying they just don't want to live under another Trump presidency. Others have had New Zealand on their radar for a while and the current visa discussions have reignited that interest,' he says. Half of Paterson's current listings - which include homes valued between $8 million and $20 million - are now available for rent, and many are receiving multiple enquiries before even hitting the open market. 'The demand is there, but the ability to purchase still isn't and that's what is driving this surge in ultra-luxury rentals. 'We're also seeing foreign exchange rates playing a role - with the NZD falling to its lowest point against the greenback in the past decade early this month, it's extremely favourable for these buyers, so what looks expensive locally can actually feel like a bargain to someone arriving from California or Toronto,' he says. Paterson says some owners have seen rental returns more than triple what the domestic market would offer, particularly when facilitated through high-end rental agencies. He says while one home might fetch $2,000 a week in the traditional market, it could rent for $6,000–$7,000 through private arrangements with vetted international tenants. 'There's a lot of wealth sitting in our homes that isn't being unlocked because we've frozen out foreign investment. Opening a pathway for buyers at the $5 million-plus level could drive a major reinvestment cycle and ease pressure across the market,' says Paterson. Paterson believes now is the perfect time for the Government to remove the current uncertainty preventing downsizers from moving to the next stage in their life. 'We're coming into winter, which is typically a quiet time, and without clarity, we're seeing people sit on their hands. I've had Kiwi clients walk away from retirement village agreements because they can't sell their homes, and that's clogging up movement across every tier of the market. 'A typical high net worth downsizer will reinvest most of the proceeds from the sale of a $5m plus home in local businesses as they look to build their retirement incomes. 'Letting high-value buyers into the country not only stimulates the property sector it also brings in capital, supports tradespeople and helps unlock the next stage of the housing cycle. If this is done right there will be a transfer of wealth that benefits New Zealand down the track,' he says.
Scoop
15-05-2025
- Business
- Scoop
A Clean Sweep For The Kiwis In Adelaide
Press Release – REINZ Last night, two kiwi auctioneers won the Australasian Auctioneering Championships for 2025. Mark McGoldrick (Senior winner) and Tama Emery (Novice winner). The last two days have seen leading property auctioneers from across New Zealand and Australia battle it out at the Australasian Auctioneering Championships hosted in Adelaide, South Australia. Yesterday afternoon, five finalists went head-to-head for the right to be crowned champion. Congratulations to Mark McGoldrick from Harcourts Monarch Real Estate, who won the Senior Division, and Tama Emery from Harcourts New Age Realty, who won the first Novice competition held in this trans-Tasman competition. REINZ Acting Chief Executive Rowan Dixon said it had been an impressive showcase of auctioneering talent. This level of our Kiwi competitors is top-notch. 'It's been an amazing couple of days for our competitors, with newcomers and industry veterans competing for the coveted cup.' 'The competition was tight, but Mark and Tama came out on top. Congratulations – you're a shining example of auctioneering excellence. You set the bar sky high and have done the real estate profession proud,' said Dixon. 'Also, Ryan Bradley from Bayleys came runner-up in the Novice competition. It really was a clean sweep for the Kiwis. Three kiwis in the Senior finals (Robert Tulp, Sam Steele and Mark McGoldrick) and two in the straight final for the Novice heats (Ryan Bradley and Tama Emery).' Mark is a two-time winner, taking a joint victory with Connor Patton in 2023 as the REINZ National Auctioneering Championships winner. Mark was also the runner-up of the REINZ National Auctioneering Championships in 2024. The competitors and the largest Kiwi contingent of supporters will make their way home today from Adelaide. FINALISTS AND WINNERS Senior division: Mark McGoldrick from Harcourts Monarch Real Estate was the winner, and entered the ring with the four other finalists, Jake McIntyre from South Property Group, Robert Tulp from Apollo Auctions, Sam Steele from Ray White and Greg Brydon from Apollo Auctions. Rising Star (Novice) division: Tama Emery from Harcourts New Age Realty and Runner up Ryan Bradley from Bayleys Full list of competitors by state ANNOUNCEMENT_060525.pdf Here is a link to the bios of the competitors and judges Past winners of the Australasian Auction Championships 2024: Luke Banitsiotis (Victoria) 2023: Ned Allison (New Zealand) 2022: Clarence White (New South Wales) 2019: Justin Nickerson (Queensland) 2018: Andrew North (New Zealand) 2017: Justin Nickerson (Queensland) 2016: Justin Nickerson (Queensland) 2015: Harry Li (Victoria) 2014: Andrew North (New Zealand) 2013: Daniel Coulson (New Zealand) 2012: Daniel Coulson (New Zealand) 2011: Mark Sumich (New Zealand) 2010: Jason Andrew (Queensland) 2009: Phil McGoldrick (New Zealand) 2008: Mark Sumich (New Zealand) 2007: Mark Sumich (New Zealand) 2006: Scott Kennedy-Green (New South Wales) 2005: Justin Long (Victoria) 2003: Peter Kakos (Victoria) 2001: Michael McCarthy (Victoria) 1999: John McGrath (New South Wales) 1997: Peter Hawkins (Victoria) 1995: Peter Batrouney (Victoria) 1993: Michael Brock About REINZ The Real Estate Institute of New Zealand (REINZ) is a membership organisation supporting over 17,000 real estate professionals across New Zealand, who work in all areas of real estate – residential and rural sales, auctioneers, business brokers, commercial and industrial sales, leasing, and residential property managers. For more information, visit About AUSTROS AUSTROS is the premier auctioneering event across the region, jointly presented by REIA and the Real Estate Institute of New Zealand (REINZ). It brings together the top auctioneers from across Australasia in a high-pressure contest that tests skill, charisma, and command under the hammer. In a major addition this year, the event will include the Australasian Novice Auctioneering Championships. The Novice competition is new and has provided a platform for rising stars to showcase their talents in a competitive environment, gaining vital experience and exposure as they enter the industry. The Novice competition ran alongside the main event and reflects the industry's commitment to nurturing the next generation of auctioneering professionals.
NZ Herald
15-05-2025
- Business
- NZ Herald
House prices fall again in April
Seven out of the 16 regions reported an increase in median prices over the period, led by Tasman, which increased 8.4%, from $807,550 to $875,000. Median house prices in Canterbury rose 4% to $697,000, while Otago increased 6.4% to $745,000. Meanwhile, the number of properties sold in April 2025 increased by 9.5% compared to April 2024, rising from 5871 to 6427 sales. 'There has been a notable increase in sales across the country. However, despite this upward trend, property prices continue to decline due to a significant number of properties still available on the market,' said REINZ acting chief executive Rowan Dixon. 'Real estate professionals report that buyers are seeking properties at lower price points, and they are willing to explore alternative options if they view prices as being excessively high.' On a monthly seasonally adjusted basis, sales activity fell 0.5% from March to April. 'This reveals that while transaction numbers have fallen as expected for this time of year, the actual market activity remains stable when seasonal patterns are taken into account,' Dixon said. The House Price Index (HPI) rose by 0.4% in seasonally adjusted terms on a monthly basis. Westpac senior economist Michael Gordon said this was a modest pickup from the 0.1-0.2% gains in each of the previous five months. 'While prices are still down on the same time a year ago, the gap is narrowing,' Gordon said. Gordon said the average time to sell (42 days) improved for a fourth straight month but remains longer than historic averages. 'Lower mortgage rates have helped to revive interest among potential buyers since late last year. This has put only modest upward pressure on prices to date, but as the stock of unsold homes on the market is worked through, we expect to see house price growth pick up over the course of 2025.'
