Two budgets landed in May. One tightened settings for property investors, while the other got out of the way. The contrast between Australia and New Zealand's fiscal settings has sharpened a question that was already forming: is the Tasman Sea wide enough to keep Australian investors from looking at what's on the other side? And how soon will they act?

New Zealand Sotheby’s International Realty managing director Mark Harris says the Government’s latest Budget is best viewed through a broader economic lens rather than as a set of direct housing market interventions.

The Reserve Bank of New Zealand has left the Official Cash Rate unchanged at 2.25%, and from a housing perspective that feels like the right outcome for the market right now. The property market is still relatively soft and activity remains below more normal levels, so we still need more buyers back in the market. Holding rates steady should help support confidence and avoid placing additional pressure on households at a time when buyers are already becoming more selective.

BWA Insolvency’s Quarterly Market Report shows 772 insolvencies were recorded in Q1 2026, down 17 per cent from 936 cases in Q4 2025. While the quarterly decline suggests business stress may have peaked late last year, insolvencies remain 13.9 per cent higher than the same quarter in 2025, reinforcing that many firms are still operating under sustained pressure.

The market is stabilising, but momentum remains patchy New Zealand’s housing market has spent much of the past 12 to 18 months finding its feet.

Back in March, I got out from behind the screen, jumped in the car, and spent time with property management business owners, leaders, and teams across New Zealand’s North Island. I started in Wellington, then made my way through Palmerston North, Whanganui, Napier, Hawke’s Bay, Taupō, Tauranga, Hamilton, and up into Auckland. Different offices. Different markets. Different personalities. But after all those conversations, one thing stood out pretty quickly.

As ANZAC Day approaches, I’ve noticed something. Our national conversation feels louder than usual. More opinion. More division. More certainty from people who, if we’re honest, don’t carry the full weight of what they’re speaking about.