Multigenerational Luxury Living on the Rise

New Zealand Sotheby’s International Realty (NZSIR) managing director Mark Harris says more wealthy buyers, family offices and Active Investor Plus visa holders are looking for properties that can accommodate multiple generations. This echoes the sentiment from a recent Building Research Association of New Zealand (BRANZ) report, which confirms that demand for multigenerational living in NZ is increasing.68 Stoney Creek Lane, Kawarau Falls, Queenstown

 

“There has been a notable pick up in digital and physical enquiry from purchasers in the high end of the market who are looking at properties from an intergenerational perspective,” Harris says. “Quite often, this comes in the form of the senior family unit principals searching for options that are built and ready to be used, or land that’s big enough to build a multi-unit residency." 

“Baby boomers are looking to purchase properties that have the ability to accommodate their mature-age children and grandchildren, mainly for lifestyle purposes and next-generational investment succession. AIP buyers are also interested in the ‘safe haven’ aspects of NZ property – some of them are looking at holiday homes, but with a long-term, full-time residency perspective.”

729 Orapiu Road, Waiheke Island

 

Whilst traditionally, intergenerational living has been driven by cultural or religious values, or sharing living costs, it’s now becoming a lifestyle choice, particularly for buyers at the luxury end of the market.

“Properties with self-contained wings or apartments, or upstairs-downstairs separation are in demand; properties with space, privacy, seclusion, a high level of build quality and access to airports,” Harris says.

“Premium wellness amenities are also high on the wish-list, such as inbuilt gyms, pools, saunas and other lifestyle attributes. Some buyers require the ability to build safe houses or bunkers.”

468 Batty Road, Karaka, Franklin

 

The Urban Advisory managing director Dr Natalie Allen – a lead researcher for the BRANZ Multigenerational Housing report – agrees that multigenerational housing demand is increasing in NZ.

“The New Zealand Housing Survey data shows that there is broad appetite for multigenerational housing, with around one in 10 households saying they would prefer to live multigenerationally in their next home,” she says. “Our BRANZ‑funded research shows the challenge isn’t demand, but a system that hasn’t yet enabled the market to respond.”

Harris says Northland, Auckland, Waiheke Island and the Southern Lakes are the most in-demand locations for multigenerational luxury living, with interest also in the Nelson-Tasman region. A few of NZSIR’s current listing examples are in Kerikeri, Waiheke Island, Auckland and Queenstown.

751 Wakarara Road, Ongaonga

 

“There's a clear and growing trend of property being held and treated as a family heirloom rather than a liquid asset,” he says. “The property becomes a gathering point: somewhere all generations can use, return to, and eventually inherit as a shared legacy.”