Rich Americans Target NZ Luxury Homes as Foreign Buyer Ban Ends (1)

The 4.9-hectare island estate with a traditional beachfront villa, organic vineyard and comforting sense of seclusion is a classic New Zealand refuge — and one that is attracting attention from US buyers.

The property, located on Waiheke Island near Auckland and on the market with no set asking figure, will be among the country’s first homes to test international demand as the government opens the door to wealthy overseas individuals for the first time in seven years.

Last week, lawmakers passed legislation allowing holders of so-called golden visas to buy or build a single residential property worth at least NZ$5 million ($2.9 million). The easing, which is ...