Mark Harris: NZ Sotheby's International Realty Managing Director on the rising interest in multi-generational living
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What trend is emerging in the luxury property market regarding multi-generational living?
Turns out that living with the in-laws is becoming a bit of a trend, especially at the luxury end of the property market. Sotheby's reckons that they're seeing growing demand for multi-generational homes, and it is not being driven by culture or finances. Mark Harris is the Managing Director at New Zealand Sotheby's International Realty. Hi, Mark.
Hi, Heather.
So where are you seeing this happen? Which parts of the country?
Probably predominantly Queenstown and Wanaka and the Bay of Islands, actually, at the moment.
And is this people coming in from offshore, or is it Kiwis?
Bit of both. A lot of Kiwis, but also quite a few of the AIP guys coming through.
Yeah. Now, given the locations that you're talking about, I'm wondering if this is holiday houses as opposed to like getting the family together for a bit of a summer holiday or a winter skiing holiday rather than actually living together full time?
Probably an element of that, yeah. Sort of the lifestyle choice of spending a month or two together down in Queenstown or up in the Bay of Islands.
Which regions in New Zealand are seeing increased interest in multi-generational homes?
But And there's also a longer-term element to it, I think, as well.
Oh, why do you say that?
Well, I think there's just definitely a sort of view towards intergenerational wealth protection. And, you know, it's good to see these guys coming in, not just to sort of buy and potentially flip or even be here just for holiday purposes, but for a long-term view of, yeah, as I say, sort of long-term intergenerational wealth.
So how do you – like, I don't quite follow the argument of how you protect your wealth better if it's intergenerational.
Well, I think they're just looking at sort of, in a way, pulling resources and looking at New Zealand from a long-term point of view that, you know, it's not just here for one generation, but for the next generation to use and enjoy and also to protect that wealth, as I say.
I follow what you're saying now. Okay. Now, the thing about living together in a multi-generational situation, I would imagine, is that separation is key. Am I right?
Yes.
Yeah, there's no doubt there's a bit of an agenda for a home which is slightly larger. We're probably talking five bedrooms plus, maybe a couple of living rooms. There's a health element that it seems like there's a search for pools and a wellbeing element to these properties as well and obviously a bit of land around them to help keep some privacy in space.
What's up with the wellbeing stuff? Is that just people who have lots of time and can look after their bodies properly?
Yeah, I think we're definitely noticing with this boomer generation, you know, this is 70 plus, that there's definitely an element of looking towards health. You know, they're living longer and wanting to enjoy time with their family and kids, grandkids, that sort of thing.
How are wealthy buyers approaching long-term living arrangements?
So, you know, there's a property that's got pools, baths, all of that sort of thing, all land that's big enough for those elements to be built. And there's definitely a view towards that.
Yeah, now the separation thing, back to that. What do you reckon, what are they looking for? Are they looking for separate wings? Are they looking for separate buildings or upstairs, downstairs? What's the key?
Yeah, we've got a couple of examples of it where there's, you know, five-bedroom homes but there's a separate, you know, sort of wing where you've got a, I guess, almost like a studio apartment attached to the main house. It's got a kitchenette, that sort of thing. So there's an element of separation within the house and then there's often times that, you know, the land area might be big enough that they could build a cottage on it as well down the track. So... The first point being that they're looking for a larger home with multiple bedrooms, a couple of living spaces and I guess privacy for that separation. But then communal areas where they can come together for dinner and breakfast and that sort of thing and enjoy each other's company.
But yeah, scale is important.
Right. So how do you feel about it, Mark? Are you into living with the in-laws?
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