A takeover at the top: luxury shifts south
ATOM GO TIAN ECONOMIST, RAY WHITE GROUP
At a national level, New Zealand’ s luxury market appears to have followed a relatively predictable cycle, says Atom Go Tian, Ray White Group Economist.
Median values surged during the pandemic, climbing 50 per cent from 2019 to a peak of $ 2.26 million, before easing back to around $ 1.90 million – a level that has remained relatively steady, recently nudging upwards. However, the trendline alone fails to capture a divergence now emerging within the sector.
At the regional level, Otago has become New Zealand’ s most expensive market, overtaking Auckland for the first time. While Auckland’ s upper quartile has hovered around $ 2.50 million over the past three years, Otago has held on to its pandemic-era gains through the correction. Then it accelerated, climbing from an average sale price of $ 2.30 million in 2024 to $ 2.70 million in 2026. The bulk of that activity is concentrated in the Queenstown-Lakes District and surrounding areas, where constrained supply, lifestyle premium, and growing international demand are combining to push prices higher.
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