Whenever I buy a Lotto ticket, I imagine, like most people, how I’d spend the hefty win - and property is always on top of that list.
Compared to the rest of the world’s mansions, New Zealand’s luxury homes are “cheap as”, but $10m is $10m and it’s unlikely I’ll see that kind of money in my bank account anytime soon.
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So in my dreams I’m buying an eco-mountain retreat with a guesthouse, spa and yoga studio with views of Queenstown Lakes, plus a swag of investment properties in Christchurch and South Auckland.
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Of course my dream purchases wouldn’t be to everyone’s tastes, but even I was surprised, when I went out onto the streets and canvassed ordinary Kiwis, that dream homes come in all shapes and sizes and locations.
A home-owner from Queenstown told me they’d set up a trust to build a one-stop community wellbeing centre while an actor friend said they buy up empty theatres around the world in the hope they will one day open again.
Another community-minded dreamer told me they would donate their $10m to orphanages, libraries and theatres, but keep some money back to buy a “tiny house or two, along with a forest-based bach within cycling distance of a beach”.
A few people said they’d help out their family and buy them buy a house or two.
“I would use $1m to buy an investment house to rent in Wellington, $1m in Auckland and $500,000 in Christchurch and the remaining $7.5million I would use to get a decent piece of land in Auckland and build three connected houses with a shared garden and pool so my sister and her family can live in one, my parents in the other and my son and I in the other,” said one person I interviewed.
A theatre-lover said he'd spend $10million buying old theatres around the world. Photo/ Getty Images
A large number of people interviewed, particularly the younger demographic, said they'd invest their money in property to multiply their income in the future.
A young real estate agent in Hamilton said she’d spend $10m on investment properties with positive cashflow and potential to add value, while a father of two said he would buy a four-bedroom home with some dirt in Auckland and two two-bedroom homes for his children to live in when they get older.
“The rest I would build some affordable apartments suitable for families to rent and try to get about 14 families into something safe and decent, rather than older, cold houses lots of Kiwis end up living in,” he added.
Many of those interviewed in Auckland said they dream of buying a waterfront property or a bach and putting the rest of the $10m towards a new apartment in the city.
One young man in his 20s said he would buy a block of terrace houses in a sought-after school zone and anything leftover would go towards an inner-city apartment or a luxurious penthouse.
Ray White agent Rick Mozessohn, who calls himself an extroverted introvert, said he’d love to buy an island and not have anyone near him within a 100km radius. “There are quite a few islands for sale in New Zealand. How much is South Island going for at the moment? Would $10m be enough? Maybe $11m?” he laughed.
Mozessohn said the smart play would be to invest in 2000sqm of land in South Auckland with potential for development, in terrace housing or suburban zoning to build eco-friendly medium density housing on it later.
“The reality is the land is the real asset and we’re in the time where capital growth rates are so high naturally you can almost buy something where yield being a secondary factor.”
Buying land in South Auckland would cost around $4m and the rest would be spent on an estate in Tauranga or Wellington as $10m does not get you much in Auckland, he added.
“I love Papamoa. So maybe a bach a little further away from the Mount, so there aren’t so many teenagers sprinting around New Year’s,” he added.
Kiwis still dream of a big backyard or putting $10m towards a lifestyle property with a large estate.
A young professional in Hamilton told me: “I’d either get a converted church, barn or other unconventional property, or a three-bedroom farm cottage, rural but close to a town, on a bit of land but not too much, so I can have five dogs and not know my neighbours, and spend the rest of the money doing them up exactly how I like them.”
Ray White agent Charlotte Kofoed said she would spend a large chuck of $10m on a house in Freemans Bay while her husband Hamish said he would buy a luxurious house in Herne Bay. “These are the areas I find interesting and there’s great city views,” she said.
If she had to pick a place for a bach, she’d buy in Takapuna as she doesn’t enjoy driving far and any leftover money would be for an investment property in Waikato as that’s where her family is.
Harcourts agent in Papatoetoe Harsimran Singh said something that adds to a portfolio and has future potential development is a good way to invest. However, he adds, “I don’t think development is my cup of tea.
"Queenstown would be a spot I would love to buy in a business-orientated lifestyle property with home and income on a big section in a prime location.”
He said a games room and a pool would be a good idea with leftover funds going towards a waterfront penthouse in Auckland central.
