Would-be first-home buyers scrimping and saving to get a deposit together may think $150,000 is an impossible target. But what if you are already spending that - and a lot more - on your kids?

Infrastructure and mining services group Downer EDI has agreed to buy New Zealand builder Hawkins for an undisclosed sum, as it expands operations in the Pacific nation.

American news anchor Matt Lauer was the mystery buyer of thousands of hectares of property near Wanaka in New Zealand, according to media reports.

Wellington's rental squeeze is showing no sign of abating, with 40 would-be tenants descending to a flat viewing in inner-city Mt Cook on Wednesday morning.

Neverland, the onetime ranch and private playground of the late pop icon Michael Jackson, has returned to market for $94 million (US$67m), a 33 per cent price chop from its original list price of US$100 million (NZ$140.4m).

House prices in Christchurch and much of Canterbury are flattening off as the city's housing market stays quiet. Despite the arrival of spring, figures on listings, values and prices all indicate a lack of market heat.

A flat housing market is threatening plans for high-density living in parts of Christchurch. Rows of attached housing built to provide cheaper housing sit awaiting buyers around the city's commuter belt. Many are at marked down prices. Others advertised for sale off the plans have not been built.

Auckland parents desperate to get their kids into exclusive school zones are paying more than $2 million to buy a house in some areas, new data suggests.

Auckland Council rates plan could push up visitor accommodation prices. Auckland commercial accommodation providers are crying foul over a new targeted council rate that would push up room prices.

About 750 units of social and affordable homes will be built in Wellington to avoid an Auckland-style housing crisis. The project is the next phase of Wellington City Council's 20-year housing upgrade programme, which started in 2008.