Latest house sales data indicates there is a shortage of ultra-luxury housing to meet the requirements of high-net-worth immigrants.

Changes to the Active Investor Plus visa, which take effect next week, limit house-buying immigrants to homes priced over $5 million.

Data collected by sales portal realestate.co.nz indicates the tightest house supply constraints were emerging well above that level, with only 142 properties listed above $10m available nationwide.

International premium-grade homes priced more than $20m were scarce.

A luxury house in Remuera, Auckland. Photo: Supplied

Realestate.co.nz chief executive Sarah Wood said the top end of New Zealand's residential property market was relatively immature by global standards.

"The AIP visa programme effectively introduces a positive demand shock into this segment of the market overnight, however, the supply has not had a chance to grow organically over time. The result is significant pressure on the supply of houses valued in the tens of millions."

Realestate.co.nz chief executive Sarah Wood. Photo: Supplied

Data supplied by Immigration NZ indicates nearly 590 people from 33 countries have so far applied for residency under the AIP visa programme.

Agents reported a growing segment of applicants who were only interested in property priced more than $20m, with demand outstripping supply by about five times.

Portal data indicated there had been 36,000 overseas-based searches for homes price over $5m over the past year, with North America and UK making up over a third (34 percent).

"The United States accounts for around a fifth (19 percent) of international $5 million-plus searches, followed by the United Kingdom at 9 percent and Canada at 4 percent. That profile reflects demand from established wealth markets rather than speculative traffic."

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