Luxury Co-Ownership: How Affluent Aussies Are Sharing High-End Holiday Homes

Affluent Aussies with a savvy financial mindset have been sharing the expense of their luxury lifestyles for years through yacht and private jet syndicates, and now the idea has stretched to high-end holiday homes.

A concept known as Second Home has reached the millionaire playground of Queenstown, New Zealand and the idea is tipped to soon take flight across the ditch.

Longtime co-ownership pioneers John and Sharon Russell started selling shares in luxury boats in Sanctuary Cove on the Gold Coast in 1999 and have now entered the holiday home space with Second Home.

Investors can purchase shares in a fully-managed vacation property, but unlike a timeshare, each owner’s name is on the title. As a result, the shares remain a sellable and appreciating asset.

“This is very similar to buying into a boat syndicate where you own a share and can use it as if it’s yours, without the full cost and responsibility of owning the boat outright,” Mr Russell said.

“With Second Home, you are purchasing the bricks and mortar of a New Zealand holiday home valued at over A$2.5 million – with your name on the title, and access to it and all the wonderful activities in and around Queenstown for six weeks each and every year.”

Currently under construction in the Kiwi ski town, there is a three bedroom apartment in the Jacks Point development on the shores of Lake Wakatipu, pictured. Eight shares of the architecturally designed, fully furnished apartment are available, from A$325,000 and include six weeks usage of throughout each year.

Mr Russell said the concept is a far cry from the better known short term rental schemes.

“This is not a hotel or Airbnb with tourists coming and going – the only people who stay in the home are the owners and their guests, who we encourage to get to know each other,” he explained.

“Second Home is ideal for people who aspire to own a holiday home and return with family and friends to enjoy the same region each year, but don’t want to invest so much capital in owning an apartment outright, only for it to be locked up for months on end.”

Additionally, he said the ongoing costs of owning a holiday home are also shared among owners.

“In the case of Jacks Point, each investor’s share of expenses is about $7000 annually, which covers body corporate and management fees, insurances and maintenance,” he added.

“Overall, that’s still significantly cheaper than booking accommodation each time they’d like to holiday in New Zealand.”

Property prices in Queenstown have increased by approximately 7 per cent a year over the past decade, with property experts tipping the median will continue to rise.

While Queenstown property prices have come off their post-pandemic high, the longterm snapshot of the popular holiday destination show that it has experienced incredible growth.

Data from realestate.co.nz showed from the beginning of 2015 to the end of 2024, average asking prices in Central Otago-Queenstown Lakes rose 106.6 per cent.

After hitting a peak in November 2022, house prices fell 5.27 per cent before bottoming out in December 2022. The average price of a Queenstown property in December 2024, according to CoreLogic NZ, was A$1.65m with values up 2.17 per cent over the three months prior.

“There can be some very lucrative capital gains to be made by buying into a shared holiday home,” Mr Russell said.

Second Home’s other NZ location is a six-bedroom, French-style chateau in the Carrick Winery in Central Otago. It comes with a Land Rover Defender 130 and six e-bikes. There are 13 shares available, valued at A$445,000 each, with annual expenses of around A$8,600.

The Russells also have one $40,000 share remaining of thirteen in a four-bedroom villa near Florence, Italy, where shareholders can enjoy an authentic Italian rural lifestyle for one month every year.

Australia’s major CBD office markets are recording some of their strongest rental growth since the pandemic, with businesses increasingly prioritising premium office space despite elevated geopolitical and economic uncertainty.

Knight Frank’s Australian Office Indicators Q1 2026 report found net effective rents in Sydney and Melbourne CBDs rose at their fastest annual pace since COVID-19, increasing 10.2 per cent and 6.8 per cent respectively over the 12 months to March.

Brisbane posted the strongest growth nationally, with net effective rents climbing 11.7 per cent over the same period.

The report points to a widening divide between prime CBD office towers and secondary office stock, as occupiers increasingly focus on quality, location and workplace amenity when making leasing decisions.

Knight Frank Senior Economist, Research & Consulting Alistair Read said demand remained heavily concentrated in premium assets within core CBD precincts, helping drive stronger rental growth in top-tier buildings.

“Occupier demand continues to be heavily concentrated in the most desirable CBD precincts and the highest-quality buildings, accelerating a sharp divergence between core and non-core markets,” Mr Read said.

According to the report, Sydney’s Core precinct and Melbourne’s Eastern Core significantly outperformed broader CBD markets over the past year.

“In Sydney’s Core precinct and Melbourne’s Eastern Core, net effective rents surged 14.3% and 16.1% over the past year, significantly outperforming the rest-of-CBD precincts,” Mr Read said.

The rental gap between prime and non-prime office locations has also continued to widen sharply.

“As a result, core CBD rents are now 54% higher than non-core locations in Sydney and 93% higher in Melbourne, highlighting the growing premium placed on amenity, accessibility and workplace quality,” he said.

Knight Frank said the strong rental growth across the major CBDs was being underpinned by a limited supply pipeline, with few new office developments expected to be delivered in the near term.

Mr Read said subdued construction activity was likely to support ongoing rental growth and tighter vacancy rates over the medium term, particularly for premium office towers.

“The combination of sustained demand and declining levels of new development will aid ongoing prime rental growth and lower vacancy rates over the medium term, particularly for best-in-class assets,” he said.

The report noted that current economic conditions were making new office developments increasingly difficult to justify financially.

“Economic rents remain well above expected market rents, making the construction of new office towers largely unviable, and concentrating tenant demand into existing buildings,” Mr Read said.

While suburban office markets generally remained subdued compared with CBDs, Melbourne’s Southbank precinct was identified as a relative outperformer, recording annual net effective rental growth of 2.7 per cent.

The report comes as broader Asia-Pacific office markets continue to stabilise following several years of disruption linked to hybrid work trends, inflation and rising interest rates.

Knight Frank’s separate Asia-Pacific Q1 2026 Office Highlights report found Sydney and Brisbane were among the strongest-performing office rental markets in the region, behind only Bengaluru and Tokyo for annual prime net face rental growth.

The Asia-Pacific report also found 18 of the 24 cities monitored across the region recorded stable or increasing rents in the first quarter of 2026, even as geopolitical uncertainty intensified following escalating conflict in the Middle East.

Luxury Co-Ownership: How Affluent Aussies Are Sharing High-End Holiday Homes

An intriguing new holiday home concept is emerging for high net worth Australians.

Office rents in Sydney, Melbourne and Brisbane are climbing at their fastest pace since the pandemic as tenants compete for premium CBD space amid tightening supply.