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.

Another 740 homes are going to be built in Auckland on surplus crown-owned land that has been freed up for development. New Zealand Housing Minister Nick Smith says negotiations for the three sites to be used for development have been concluded.

Thursday, as well as being Budget day, will also be the day when the average Kiwi will have earned enough money to cover their total taxes for the year, a lobby group says. The Taxpayer Union calculates the notional day on which New Zealanders are "free of tax" in order to draw attention to the level of taxation. Government spending equated to 40 per cent of the economy, it said. Taxpayer Union executive director Jordan Williams said that meant the average worker would "stop working for the Government" at 11.12am on Budget day.