Coasties might notice a new trend in the luxury property market—high-end rentals are soaring, thanks to wealthy North American investors.

These well-heeled visitors, particularly from the United States and Canada, are driving demand for multimillion-dollar homes while waiting for clarity around New Zealand’s investor visa rules.

Local real estate expert Caleb Paterson, who specialises in high-value properties, says these clients are willing to pay $20,000 to $30,000 a week for premium rentals—homes they may eventually buy if visa pathways open.

“It’s a ‘try-before-you-buy’ situation for many,” Paterson explains.

He adds that vendors who once wouldn’t consider renting their properties are now embracing the idea, hoping to convert tenants into buyers.

While Auckland’s luxury market is slowing—properties valued at $3.5 million now take an average of 64 days to sell, up from 42 days last year—these high-net-worth renters are providing a fresh opportunity.

Even on the Hibiscus Coast, where coastal homes offer a premium lifestyle, local homeowners with high-end properties may find interest from international renters, especially given the falling New Zealand dollar, which makes rentals look like a bargain to overseas clients.

Paterson believes the trend will continue as visa rules remain uncertain.

For local homeowners, it could be a chance to benefit from a slow market without selling.

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