Multigenerational luury living is rising fast — and brokers are seeing the finance needs shift too
Wealthy New Zealand buyers are increasingly treating property as a multigenerational asset rather than a transaction — and New Zealand Sotheby's International Realty (NZSIR) is seeing it in real time.
Managing director Mark Harris (pictured) says enquiry at the luxury end has increased noticeably, with families, family offices, and Active Investor Plus (AIP) visa holders all seeking homes that can accommodate multiple generations under one roof or on one title.
"There has been a notable pick up in digital and physical enquiry from purchasers at the high end of the market who are looking at properties from an intergenerational perspective," Harris said. "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."
That shift comes as a reduction in the residential investment threshold under the Active Investor Plus (AIP) visa — from $15 million down to $5 million — has turbocharged demand at the top end, with searches for homes priced above $5 million surging 53% on average between January and April, and Immigration New Zealand figures showing AIP applications have increased fivefold since the programme was relaunched in April 2025.
From cultural tradition to lifestyle choice
Multigenerational living in New Zealand has historically been driven by cultural values or financial necessity. What's changed is that it's increasingly a deliberate lifestyle decision — and one that baby boomers in particular are making with both family and legacy in mind.
"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," Harris said. "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."
BRANZ research backs the trend, with around one in 10 New Zealand households preferring multigenerational living in their next home — though finance access and legal clarity around ownership structures remain key barriers.
What buyers want — and where they're looking
The wish list at this end of the market has moved well beyond structural necessity into lifestyle aspiration. Self-contained wings, upstairs-downstairs configurations, and strong privacy and seclusion are baseline requirements, as is proximity to airports. Wellness amenities — gyms, pools, saunas — are increasingly expected rather than exceptional. Harris says properties with space, privacy, and a high level of build quality are in demand, and a smaller cohort is seeking the ability to incorporate safe rooms or bunkers.
Northland, Auckland, Waiheke Island, and the Southern Lakes are the most active locations for this type of buyer, with growing interest also in the Nelson-Tasman region.
Property as heirloom, not asset
For mortgage advisers, the implications extend well beyond the initial transaction. Buyers in this segment are thinking in decades, not years — and that changes the conversation around ownership structure, title, and lending strategy considerably.
"There's a clear and growing trend of property being held and treated as a family heirloom rather than a liquid asset," Harris said. "The property becomes a gathering point: somewhere all generations can use, return to, and eventually inherit as a shared legacy."
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