New Zealand lawmakers have begun considering new regulations aimed at closely monitoring overseas property buyers.

Economists in New Zealand have expressed alarm at a housing market boom which could soon see average prices of property in the country’s largest city pass the $1m mark.

With Queenstown experiencing the strongest three months of residential property sales since 2007, New Zealand Sotheby’s International Realty launched its Luxury Rental Homes division in November 2012 to compliment the company’s established property sales team. The New Zealand Sotheby’s International Luxury Rental Homes is an experienced, reliable and trustworthy management company dealing with private luxury accommodation, functions and venue hire. With over 600 offices worldwide, the Sotheby’s International network can access key markets that are otherwise untapped through regular marketing initiatives. The division was developed due to ongoing enquiries from new and existing clients of New Zealand Sotheby’s International Realty for an investment option as well as accommodation and venue requests. The Luxury Rental Homes portfolio comprises a broad range of select property throughout the greater Queenstown region including central apartments, boutique villas, private houses, hideaways, country escapes and lodges as well as luxury yachts based in Marlborough and Auckland respectively. With the majority of the portfolio available all year round, some are only available for a limited period of the year, however all provide a unique and unforgettable experience for the discerning traveler.

Sales and prices of luxury property in Auckland increased in July with a lack of supply making buyers more decisive, according to agents.

New Zealand real estate agents are making trips to South East Asia to take advantage of increasing interest in NZ property from Asian-based investors, especially from South East Asia and China.

Real estate transactions in New Zealand are straightforward and inexpensive. Sellers pay a 3 per cent agent commission and buyers pay only legal fees.

Comprising the North and South Islands and about the same land mass as Japan, New Zealand’s strikingly varied landscape and near-mystical beauty has inspired artists and film- makers alike.

Browns Sotheby’s International Realty, New Zealand’s leading national premium real estate agency, today announced it has changed its name to New Zealand Sotheby’s International Realty to better reflect its increased national presence and future growth plans.

Luxury houses at the top end of the real estate market in New Zealand are selling fast but analysts are warning that the renewed interest in multi million dollar properties does not mean a recovery. The latest figures from the Real Estate Institute show that 166 luxury properties were sold in central Auckland in January and February, up from 130 in the same period last year. Although this is still well below the 268 million dollar properties sold in the same two months in 2007 at the height of the property boom, it is a significant trend, according to Bayleys agent David Rainbow who specialises in luxury homes in Remuera.

Residential property prices in New Zealand are continuing their upward trend with values in Auckland reaching a 23 month high, according to the latest published figures. Prices in Auckland went up 3.1% in the three month period ending in November from 2.5% in October, the data from QV Valuations shows. As the year ends the company’s analysis shows that total market activity was relatively static during 2009 due to a shortage of property for sale as the economic outlook meant many potential sellers decided to stay put.