'Last chance' to buy: Overseas buyer restrictions prompt lifestyle block auction.

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The brakes are being put on foreigners buying lifestyle and residential properties but one Bay of Plenty agency has seized the opportunity with a "last chance to buy" auction, which is attracting international interest.

On October 22 the Government will enforce new rules which exclude some overseas purchasers from acquiring New Zealand residential and lifestyle properties less than 5ha without approval from the Overseas Investment Office.

Andrew Fowler, of PGG Wrightson Real Estate Tauranga, said the company had adopted a global marketing plan for six prime lifestyle properties in Katikati, Te Puna and Whakamarama, all with large homes and views.

Plenty of overseas buyers were disappointed by the upcoming ban, he said, and it would have an impact.

''I am dealing frequently with people from the United States, Europe and South Africa, who have the wherewithal to purchase good lifestyle properties and are motivated to make a life here for their families.

"Since the Government has changed the rules for overseas buyers, there will be genuine purchasers whose chance of securing a Kiwi dream property and making a life here will be thwarted. We have taken the initiative and are giving them this chance to buy.''

Several of the properties came with sufficient land to grow produce such as kiwifruit or avocados.

"We are offering highly desirable lifestyle properties, the crème of the crop with outstanding views, in some of the country's most sought-after locations. We know there are international purchasers with genuine intent and desire to buy lifestyle or residential property here, and this is the last chance they have to do that in an unhindered manner," he said.

''My phone is already ringing with overseas people asking if they can do phone bids.''

First National Mount Maunganui, Tauranga and Omokoroa owner Anton Jones said at the end of the day it would be harder for foreign buyers if they did not fit the Government's criteria.