Golden Visa Buyers Back in NZ Housing Market – But Only for $5m+ Homes

Big news this week: wealthy foreigners with a “golden visa” will once again be allowed to buy property in New Zealand — but only if it’s a luxury home worth at least $5 million.

The change comes after months of coalition talks. Prime Minister Christopher Luxon says it’s about attracting investors who want to put serious money into New Zealand, while keeping the wider housing market out of reach. Winston Peters calls it a “common sense” compromise — and with the $5m+ price tag, more than 99% of homes remain off-limits.

So what exactly is a Golden Visa?

It’s officially called the Active Investor Plus visa. To qualify, applicants need to commit:

• $5m over three years into higher-risk investments, or

• $10m over five years into lower-risk ones.

In return, they can apply for residency — and now, buy a home here (if it clears the $5m bar).

Immigration NZ says there have been around 300 applications so far, representing a potential $1.6 billion investment, with nearly 40% of applicants coming from the US.

Who wins, who worries?

• Government: says only 10,000 homes nationwide even meet the $5m threshold (mostly in Auckland and Queenstown), so it won’t fuel a market surge.

• Developers & agents: may see more offshore demand for prestige properties.

• Critics (Labour & Greens): argue it’s “rolling out the red carpet” for the mega-rich and could nudge luxury prices even higher.

My take

For everyday New Zealanders, this won’t change much — the $5m mark keeps the vast majority of the market untouched. But in the high-end segment, it could spark more interest, especially from overseas investors looking for a lifestyle property and a residency pathway.

It’s a classic balancing act: encouraging foreign capital vs. protecting affordability. Whether the government has drawn the line in the right place will become clearer once we see how many golden visa buyers actually enter the market.