High-End House Sales Reach New Heights

Leading real estate agency New Zealand Sotheby’s International Realty (NZSIR) has today released its 2025 property sales data, which confirms that sales of ultra-high-end homes are on the rise.

Despite a fluctuating market this year, the agency has experienced a 28% year-on-year rise in sales of properties of $5 million-plus. The luxury properties sold by NZSIR between January-November range from $5 million up to $30 million. The company sold five of NZ’s top residential sales this year, all located in the premium hotspots of Auckland, Tasman and Queenstown.

NZSIR managing director Mark Harris says market activity at the top end has always remained insulated in comparison to other sectors of the market.

“This year brought challenges and shifting dynamics, but activity in our flagship luxury lifestyle markets of Auckland (particularly Takapuna, Ponsonby and Eastern Bays) has never faltered,” he says. “The high end, for us, has been the cornerstone of our business this year.

“In other sectors of the market, we’ve made stable gains throughout 2025. We’ve experienced sales volume growth in most regions but our outstanding performers are areas of Auckland, as well as Northland, Waikato, Hawke’s Bay, Nelson, Christchurch and Queenstown.”

Interest at the high end is likely to further accelerate in 2026. Last week the Government confirmed changes to the Overseas Investment Act that enable overseas holders of the Active Investor Plus residency visa to buy a property worth $5 million or more.

“It is a pragmatic and well-calibrated change to the foreign buyer rules,” Harris says. “It’s a small change in volume terms, but a significant signal for confidence by reconnecting NZ with qualified global buyers who are already actively looking.”

While 2025 saw a flat market performance for Wellington, Harris says the capital is making a comeback.

“Wellington is still recovering from the downturn but we’re seeing great pockets of activity in the Hutt Valley and Kapiti. The region as a whole is making a gradual recovery and we expect 2026 to be very busy here,” he says.

Christchurch is also tipped to be a premium property hotspot in 2026 – market strength continues to grow, and the prevalence of downsizers is boosting sales activity. The median house price increased a record 3% year-on-year in November to $720,000.

“Downsizers are very active in the market right now – as both vendors and buyers – in places like Christchurch and Auckland,” Harris adds. “These urban centres with property types that are suited to later life stages, such as modern townhouses, are predicted to do very well next year.”

Harris is expecting the 2026 market to begin nearing post-Covid activity levels – with a caveat that price increases will be slow and steady throughout the year.

“Nationally we’ll continue to see a gradual, not sharp, rise in sales activity and prices,” he says. “Some regional areas like Queenstown-Lakes and the Waikato will outperform the national average off the back of their strong lifestyle markets, and the relaxation of the foreign buyer rules will be great for the luxury end but will leave the majority of the market unaffected.”