No stamp duty, falling prices: why Australians buyers are looking across the Tasman to New Zealand

Australian buyers are flocking to NZ, lured by the absence of stamp duty – and competition from other foreign investors. Here are five of the best properties on the market.

The property at 306 Cowes Bay Rd, Waikheke Island, NZ.

Australian buyers are flocking to New Zealand, lured by the fact that there’s no stamp duty and competition has eased given the only foreigners allowed to purchase are either Aussies or Singaporeans. The NZ government recently tightened controls on foreigners purchasing – particularly cashed-up Americans and mainland Chinese – in a bid to hose down rising prices. Also dampening the market is the Reserve Bank of New Zealand’s decision to hike rates eight times in the past 12 months. Close to Auckland, Ray White Remuera agent Steve Koerber said the market was certainly operating at a lower volume than it was 12 months ago and there was a feeling that interest rate rises would continue.

“At one point 70 per cent of my purchasers were mainland Chinese, that has completely shifted. I would think that was driving up prices,” he said.

In the South Island, Nick Horton at Luxury Real Estate New Zealand said Queenstown had seen steady sales in the NZ$2m to NZ$10m range over the past six months, mainly to local buyers and Australians. “The Australians buy a range of property, there is always strong interest in apartments … they like architectural flair, privacy and easy maintenance,” Mr Horton said.

Here are five of the best New Zealand properties on offer at present:

NORTH ISLAND

The property at 306 Cowes Bay Rd, Waiheke Island.

306 Cowes Bay Road, Waikheke Island, Auckland NZ$18M

A waterfront with a freehold title of 8.36 ha, offering 128m of beach frontage and a helipad. Immaculately curated and established as a home for almost 30 years the key features of this seven bedroom luxury offering include a 49 metre jetty with all tide boat launching ability. The tennis court is lit for evening play and an indoor heated pool is set within a double glazed conservatory. A portion of covenanted precious mature forest is home to many native bird species. Additional features include a library, formal and multiple informal living areas, kitchen with catering ability complete with aga, master suite with dual ensuites, dressing room and study/nursery, hardwood flooring, bespoke cedar joinery, six bathrooms, multiple powder rooms, underfloor heating over two levels, three open wood-burning fireplaces, garaging, matured landscaping, shade house, potager gardens and fruit trees. Gated with security system in place. – New Zealand Sotheby’s International Real Estate

32 Portland Rd, Remuera.

32 Portland Rd, Remuera – asking NZ$6.5m

Located on a 1189 sqm site, this five bedroom and three bathroom 1920s mansion is 6km from Auckland CBD and is billed as a ‘majestic family home.’ The property in the heart of Remeura, New Zealand’s answer to Sydney’s upper class suburb of Mosman, and has views from Mount Hobson to the Arney Road ridge and north to the Waitemata Harbour and the Hauraki Gulf. It includes a swimming pool and is positioned within a significant school catchment zone. – Ray White Remeura

SOUTH ISLAND

275 Littles Road Dalefield

275 Littles Rd, Queenstown – asking NZ$9.75m

Elevated views capture Coronet Peak to the north and The Remarkables to the south and also include the Crown Range, Ben Lomond and many more significant ranges.

Four large bedroom spaces are configured to two masters with ensuites and two bunk rooms sleeping up to six in each in this brand new house which will be finished in May next year. Multiple living areas both inside and out create easy entertaining for all ages and weather conditions. Alpine luxury is at its finest at 275 Littles Road with the home spanning more than 445 sq m and is constructed with a thermally broken concrete slab, steel and glue-laminated framing clad in cedar timber and off shutter concrete. The corten steel garage doors open to an oversize double garage with workshop, drying room and storage while providing internal access to the architectural home. Commercial grade aluminium joinery with stainless steel handles and double glazed low E MAX performance glass open to the extremely private 4.2 hectare land holding. – Luxury Real Estate New Zealand

The Elms Penthouse Lake Hayes

The Elms Penthouse – Lake Hayes – asking more than NZ$9m

Elevated above the shores of Lake Hayes ‘The Elms’ re-defines lakefront living in Queenstown and the penthouse boasts the most panoramic views of the three residences.

The three bedroom penthouse spans more than 500 sq m with the open plan living area delivering full lake frontage opening to a large balcony with an outdoor fire, casual seating area and outdoor dining table taking in the stunning views. The kitchen and dining areas are connected to the lounge with a double sided indoor fireplace and separate media space. The master bedroom has lake views and a walk-in wardrobe enjoys the world class outlook while two other guest rooms similar in size open to private balconies and have luxurious ensuites. Temperature is controlled by underfloor heating and air conditioning throughout, and a large garage with two allocated parks and private storage provides access to the entrance lobby and grand staircase leading up to the living spaces. This property has Visitor Accommodation (VA) consent allowing for 365 days a year short term rental so the purchase price can be zero rated in a sale to a GST registered entity. – Luxury Real Estate New Zealand

130 Domain Road Dalefield

Domain Rd, Queenstown – asking more than NZ$10m

Set in the heart of the ‘Dalefield Triangle’ this home won the Master Builders Gold Award for House of the Year 2019. The three pavilions are joined by a central glass passage creating a gallery style feeling throughout its 480 sq m. Established privacy planting has been cleverly positioned to maintain the mountain views including Coronet Peak, Ben Lomond, Crown Range and The Remarkables. The master pavilion has a well appointed en-suite and walk-in wardrobe as well as the gym and sauna room which could easily be converted to another en-suited bedroom. The central pavilion has open plan living with the kitchen, dining and lounge opening to two separate terraces. The third pavilion has three guest rooms all with generous ensuites and walk in wardrobes, and a large three car garage with internal access to the entrance lobby. State of the art ‘air to water’ heating and cooling throughout and a commercial grade back up power generator are just two of the many well considered systems seen throughout this immaculate estate.

– Luxury Real Estate New Zealand