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

By Kirsten Craze
Tue, Mar 18, 2025 11:02amGrey Clock 3 min

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. 



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High-end homeowners are choosing to upgrade rather than relocate, investing in bespoke design, premium finishes and long-term lifestyle value.

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Australia’s prestige homeowners are increasingly choosing to reinvent their existing properties rather than enter an uncertain property market, fuelling what industry insiders are calling a “Renovation Revolution.”

From heritage terraces to coastal retreats, this shift reflects a deeper change in mindset. Homes are no longer viewed as stepping stones, but as long-term assets worthy of thoughtful investment and personalisation.

“Homeowners are approaching renovation with purpose, balancing lifestyle needs, design aspirations, and long-term return on investment,” says Jodie Cramer, CEO of Andersens, a national flooring and interior finishes company.

“Viewed through this lens, renovating often makes more financial sense than moving. Homeowners with built-up equity are confidently premiumising their space, achieving better returns on capital.”

More than half of Australian homeowners were planning renovation or improvement projects within a year, with many considering structural changes such as reconfigured floor plans, extensions, or even additional levels.

Personalisation becomes the ultimate luxury

For affluent homeowners, renovation is no longer driven solely by financial logic. It is about crafting environments that reflect individual lifestyles, values, and aesthetic sensibilities.

“Home upgrades allow families to customise their spaces,” says interior designer Delena Pitman.

“They’re not always looking to move up the property ladder; they want to make where they are feel more like home. Renovations give people the freedom to design functional, comfortable, and visually inspiring spaces.”

This trend aligns with the broader luxury movement toward intentional living, where design choices prioritise comfort, wellbeing, and enduring quality over short-term trends.

Jodie Cramer

Flooring sets the foundation for luxury interiors

Among the most transformative elements in any high-end renovation is flooring, which establishes the visual and tactile foundation of a home’s design.

“Think of flooring as the canvas for your entire home,” Pitman explains. “Once it’s chosen, everything else — furniture, lighting, window treatments, and accessories — becomes easier to select, and the space feels cohesive and intentional.”

Premium materials such as engineered timber, natural stone and luxury vinyl planks are increasingly favoured for their durability and aesthetic appeal, while softer textures like wool carpet add warmth and acoustic comfort to private spaces.

Continuous flooring across open-plan living zones enhances spatial flow, while darker tones such as walnut or charcoal introduce richness and sophistication.

Designing cohesive, layered spaces

Today’s most successful renovations are guided by a holistic design approach, where flooring, cabinetry, lighting and furnishings work in harmony.

“Change the floor, and everything else either harmonises or clashes — it’s the anchor of your interior design,” says Pitman.

“Once the floor is selected, you can choose wall colours to complement or contrast, coordinate cabinetry and countertops, and adjust lighting to provide bright task illumination or soft mood lighting.”

This layered approach allows homeowners to create interiors that feel both elevated and deeply personal.

Renovation as a strategic property investment

Beyond aesthetics, renovation is increasingly viewed as a strategic investment decision. In prime suburbs and lifestyle regions alike, improving an existing home often delivers greater value than purchasing anew.

This approach enables homeowners to preserve location advantages while enhancing liveability, energy efficiency and long-term capital value.

Whether upgrading a waterfront residence, modernising a federation home, or refining a contemporary coastal retreat, the message is clear: in Australia’s luxury property market, the smartest move is often staying exactly where you are — and transforming it into something exceptional

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