With policy shifts reopening the door to overseas buyers, the Kiwi dream is back for those who can afford the cover charge.
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In a highly anticipated policy shift, the government of New Zealand is easing its long-standing ban on foreign buyers, though with tight guardrails. Under the new rules, non-residents can now purchase or build homes—so long as the property is valued at NZ$5 million or more (roughly US$3 million).
It’s not a full reopening. Buyers must already be investing in New Zealand to qualify.
Still, it’s enough to crack the door open.
Anthony Morsinkhof of PQ Property Intelligence, headquartered in Wellington, says the change has already spurred renewed interest from potential buyers in the U.S., Germany, Switzerland and China. “Some of them are clients we’ve been speaking with for years. Others are brand new. Either way, they’re ready to buy.”
Beyond the big cities, grand country estates—like this heritage estate—comfortably clear the NZ$5 million bar.
PQ Property Intelligence
Previous regulations required foreign buyers to live in the country for six months before even considering a purchase. That condition alone ruled out those looking for vacation homes—a common driver for a destination like New Zealand.
That said, not all properties are up for grabs. Rural, farm and sensitive lands still require additional approval from the Overseas Investment Office. Even so, the process has been streamlined: what once took nine months can now be completed in four to six weeks.
The motivation behind the shift is clear: New Zealand needs foreign capital to help revive its economy.
With roughly a third of Kiwis calling Auckland home, demand keeps prices in ranges that welcome qualified international purchasers.
Sulthan Auliya | UnsplashWhat Does NZ$5 Million Buy?
Since the pandemic, New Zealand’s economy has faced headwinds, with high inflation and interest rates dragging the country into recession. Recovery has been slow. Yet property prices remain attractive, particularly to global buyers accustomed to higher premiums in hotter markets.
So what does NZ$5 million actually get you?
In Auckland, which holds roughly 80% of eligible inventory, you’ll find penthouse city apartments and two-story homes in coveted neighborhoods. The bonus? Modern design, proximity to good school zones and maybe even a pool or city views.
Queenstown’s cinematic backdrop—alpine peaks, mirrored lakes—continues to lure UHNW buyers. both domestic and abroad.
Omer Faruk Bekdemir | Unsplash
In Queenstown, it’s a different scene entirely. In between snow-capped peaks and glassy, mirror-like lakes, NZ$5 million could buy a home with panoramic views and four or five bedrooms. Stretch that budget to NZ$10 million and you enter what Morsinkhof calls “truly spectacular” territory.
Out in the countryside, options expand: a boutique lodge, a working agricultural station or an alpine retreat with serious acreage.
One such option is the Carrington Estate, a 3,000-acre property located on the Karikari Peninsula in Northland. Days here might begin with an oceanside round on the 18-hole golf course, followed by wine tastings at the on-site vineyard and sunset strolls through 900 acres of restored wetlands. Notably, the estate offers potential for large-scale development, with zoning in place for more than 400 homes—making it one of the few investment-ready options available to foreign buyers.
A Clean Tax Setup
Here’s where New Zealand stands apart: it doesn’t penalize you for participating. No stamp duty. No capital gains tax. No inheritance tax. By contrast, in neighboring Australia, stamp duties can reach 8%, and capital gains are taxed.
New Zealand’s blend of raw beauty and a daring spirit still calls to global seekers of adventure, while remaining one of the safest countries in the world.
PQ Property Intelligence
While this policy marks a step forward, it’s far from a full reversal. A broader reopening could be one or two election cycles away, depending on political tides, notes Morsinkhof.
For now, agents are adjusting. Some are repositioning listings just above the NZ$5 million threshold, anticipating a new wave of qualified buyers. Others are simply preparing for the call.
PQ Property Intelligence is a member of Forbes Global Properties, an invitation-only network of top-tier brokerages worldwide and the exclusive real estate partner of Forbes.