Grants of up to $NZ5000 are now available to help those struggling to find a home in Auckland to move out of the city. The grant, announced by the New Zealand government a day before last month's budget was handed down, is now available to those living in social housing, on the social housing waiting list or those eligible for social housing and won't have to be paid back.

Three Iranian migrants and a family friend have been found guilty of mortgage fraud after they scammed seven New Zealand banks in a $NZ9.2 million scheme involving 11 Auckland properties between July 2007 and December 2010.

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar rose after the data was released.

New Zealand's national median house price rose to a record high in May, passing $NZ500,000 ($A475,340) for the first time. Five regions hit all-time highs as the median national sale price jumped 10 per cent to $NZ506,000 in May from a year earlier, while the number of properties sold increased 14 per cent to 9075, according to the Real Estate Institute.

Two of New Zealand's biggest banks have imposed new restrictions on overseas property buyers.

SCA Property Group (SCP) has entered into a conditional sale contract with Stride Property Group for the sale of SCPs New Zealand portfolio to a newly established Stride-managed entity, Investore Property.

Property investors appear set to face new lending restrictions as the Reserve Bank moves to prevent them taking an increasing share of the market. On Thursday the Reserve Bank left the official cash rate on hold at 2.25 per cent, despite concerns about the ongoing strength of the kiwi dollar.

Independent economist Shamubeel Eaqub said a difference of 25 basis points would have a marginal effect on investor borrowing in New Zealand. "It would take a bit of pressure off and it would tilt the field in favour of owner-occupiers." Eaqub said.

We like to play up our rivalry on the sports field and lampoon each other's cultural traits, but Australians and New Zealanders have a lot in common.

There's "plenty going on" to address Auckland housing pressures, but the Government will continue to look at the situation and consider doing more, Prime Minister John Key says.