Demand is outstripping supply when it comes to luxury accommodation.

New Zealand agents say they're turning away half of high-net-worth travellers due to a shortage of properties.

Some are fielding up to 50 requests a week.

Co-founder of Stay Luxe Accommodation, Greg Owen told Mike Hosking that there's a real shortage in Auckland, so hotels are being used instead.

He says they're looking to stay in larger hotels - which are often owned internationally, so the profits are going offshore.

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