Growing number of property investment dollars moving across the ditch

New data shows that more 50% of vendors who have sold multi-million dollar homes over the past six months have moved to Australia. The sale value of the homes ranges from $4 million to $10 million plus.

Caleb Paterson of real estate agency Paterson Luxury says in addition to the sale of their residence, these home homeowners are also liquidating their other business and real estate holdings, resulting in the loss of tens of millions of dollars’ worth of investment leaving the New Zealand economy each week.

He says the lack of wealth being recycled at this level is contributing to a growing surplus of high-end properties around New Zealand.

“What we know about this demographic is they are extremely well-educated, skilled professionals who have the means to relocate to a new country without the constraints that many other Kiwis face.