After a couple of years in a cool market, the water is starting to get a little warmer as interest rates fall and unemployment reaches its peak. But while we wait for economic green shots to grow into a full-blown garden, the super prime property market already appears to be making a cautious recovery.

It’s especially timely with Finance Minister Nicola Willis saying that Cabinet will likely make a decision in the coming weeks about allowing foreign investors to purchase residential property in New Zealand.

She’s signalled that foreigners holding an Active Investor Plus Visa – which requires a significant investment in New Zealand - could be able to buy property here. It's a move that will more than likely fuel the demand for super prime homes, as foreign high-net-worth buyers flock to our shores and enter our property market.

WHAT DO YOU GET WITH SUPER PRIME?

Outside of Auckland, a super prime property is defined as one that sells for more than $5 million, while within our biggest city, a house with a sales price of over $7.5 million is classed as super prime.

According to Bayleys Q3 Super Prime Property Market Update 2025 oversized homes remain a defining feature of the super prime market.

“While tennis courts are often mentioned as anecdotes, listings are more likely to include wine cellars, home theatres, and guest suites. These features reflect buyer preferences for spaces that offer not just daily functionality, but a sense of luxury, privacy, and exclusivity” says Bayleys Data and Insights Analyst Eos Li.

Nearly half of all the listings came with five or more bedrooms, and while a swimming pool was a priority for super prime property sales in Auckland, just 21% sold outside of our biggest city came with somewhere to take a dip.

“There are a few must-haves, which vary by location. For instance, in Wanaka, water or mountain views are essential, while a heated swimming pool is increasingly seen as a must-have for super prime homes in the North Island.”

The data also revealed that many super prime buyers will pay extra for a property that offers seclusion and privacy without sacrificing on location.

“While it’s difficult to isolate a specific price premium for privacy, buyers clearly place strong value on it, something also evident in marketing campaigns.”

Gated entrances, long driveways, and mature landscaping are also common features. With true luxury defined as being close to everything, while remaining hidden from sight.

WHERE’S THE MOST BUYER ACTIVITY?

Auckland leads the market when it comes to super prime sales, followed by Queenstown and Bay of Plenty.

“The overall decline in interest rates is supporting momentum in Auckland’s super prime residential market. While enquiry levels have notably increased in Auckland, other regions such as Queenstown and Tauranga remain relatively stable for now.”

Li says that historically, the Auckland region has picked up ahead of other regions, although Queenstown’s market has generally been more resilient than other locations.

But the keyword in the super prime market’s recovery is “cautious”.

“What’s making the market move slower is the fact that there’s still a gap between buyer and vendors’ price expectations.”

But the level of enquiries has increased.

“The pattern is similar to the broader market, but this has yet to significantly influence prices.”

WHAT’S HAPPENING ON THE GROUND?

In the second biggest super prime market in Queenstown, Bayleys Queenstown salesperson Sarah McBride says there’s been a big boost in activity, particularly in the last month.

“For us, it seems to be more from the Australian market, as opposed to the Auckland market.”

“A lot of those high-net-worth people we're talking to are finding that Queenstown is largely unexplored for them and so they’re coming over and are really blown away.”

Sarena Glass from Bayleys Queenstown agrees and says many truly understand the value of a Queenstown property.

“They're not afraid of the numbers that we're talking about in Queenstown, because they're well used to this level of pricing.”

“But at the same time, they are very picky about what they're after, so we’re spending a bit more time thinking outside the box about how we can package together something that might interest them.”

That approach falls in line with data gathered in the latest Super Prime Property Report. It revealed that buyer interest is largely focused on properties with standout features, and price negotiations often take extended periods to conclude.

“There seems to be a lot of people getting involved in the sales process at the moment too, because there’s often a lot of family - especially with generational purchases” says Glass.

“Those negotiations are taking a little longer, but we are getting there, it’s just requiring a bit more time and effort to lock in a deal.”

WHO IS BUYING?

McBride says that in most cases, a super prime home isn’t going to be a buyer’s sole residence.

“It's one of a collection, so potentially they've got something in Sydney or Brisbane, and they’ve also got something over in Europe somewhere, and now they're looking to have something in Queenstown.”

She says the local market has seen a lot of buyers in the older demographic taking an interest.

“They might have previously owned property with a bit of land, and they're looking to downscale, so places like Millbrook are becoming very popular for that age bracket and likewise very modern apartments and smaller homes, so they can lock and leave them and go and travel and see their kids who are overseas.”

Glass says that with talk around changes to the golden via scheme, they’ve also seen enquiries out of the UK and the US.

“We’ve been taking buyers’ representatives out for viewings and then they report back to their bosses, who then potentially come out at some stage to have a look.”

“So, there's definitely been a bit of a change in that space, and I think that's because of the murmurings about things opening up a bit more in the near future.”

WHAT ARE THEY LOOKING FOR?

McBride says it goes without saying that super prime clients look for good views.

“They also expect things to be architecturally designed and a very high specification on the interiors. They need to offer all amenities, including a kitchen with a big scullery, separate media room, office and generous outdoor entertaining areas.”

“The ultra-high net worth also expects everything to be built bespoke with imported interior finishes so it's about trying to find that piece of the puzzle.”

Glass says many buyers are also on the hunt for privacy, which they often find within a larger land package, but they want it without maintenance.

“Buyers want privacy, but they don't want to have to manage the land. Ideally, they'd like two acres, but to get the privacy they want, they might need to purchase a few hectares.”

WHAT CAN WE EXPECT OVER THE NEXT SIX MONTHS?

Both agents believe we’ve hit the bottom of the market and things are starting to climb again.

“In six months, people will likely be paying more for less as prices start to rise”, says Glass.

“I also think that people are getting themselves organised to be ready to purchase, and if this golden visa scheme goes through, I think there's going to be a flurry of activity for sure.”

McBride agrees and says that because of that, in the next six to 12 months, vendors' expectations could skyrocket again.

“Overall, though, I think things are looking really positive.”