"This is the first time we are really seeing a push from all parties, saying property investment is not the sacred cow it used to be. It will give us very good data and that's helpful because it's a conversation that has been taking place in [darkness]," he said referring to non-resident buyer data.
ANZ economists Cameron Bagrie and Philip Borkin noted the changes combined with last week's Reserve Bank's landlord crackdown and predicted a rise in residential listings to beat October 1 changes.
"Uncertainty surrounds the precise impact - there are a number of moving parts. But we suspect [it] will be stark given the extent of house price movement of late.
"Importantly, this shift in housing market performance will be occurring when other challenges such as dairying are intensifying and inflation is low. The risk profile facing the economic outlook continues to shift.
"As such, the new measures reinforce our view that the OCR is heading lower, and sooner as opposed to later. We retain our expectation that the RBNZ will cut in both June and July. We also retain a bearish slant towards the New Zealand dollar," they said.
ASB's Jane Turner said tax could be easier to collect from non-residents buying then selling a New Zealand property in two years.
"The most significant implication of the announcement is requiring foreign investors to register with the IRD and opening an NZ bank account.
"This will make it easier to collect tax owing from foreign investors who made capital gains investing in the NZ property market," Turner said.
The move follows widespread disquiet about the lack of information on non-resident investors and their effect on the market, particularly in Auckland where first-home buyers have been struggling for years.
Chinese investors are one group which have drawn concern, again particularly in Auckland.
David Whitburn, an Auckland landlord and ex-Russell McVeagh specialist tax lawyer, welcomed the new two-year rule but said it should have been five years.
He also welcomed the push for data on non-resident buyers - "as long as the investor doesn't use an accountant or lawyer to act as a professional director or trustee".
Crackdown
Last Wednesday
•New Reserve Bank rules revealed
•Target is residential property investors in Auckland Council area
•Those borrowing from banks need 30% deposit from October 1
Sunday
•PM John Key announced new two-year capital gains tax rule
•People buying, then selling within two years, must pay tax
•Non-residents must provide their tax ID and have an NZ bank account
•New rules also take effect from October 1
Thursday
•Budget to be delivered
•IRD crack investigation squad to be beefed up
•52 IRD staff brought in extra $258m in unpaid tax in past 5 years
•Numbers to swell with Budget funding for more compliance and enforcement
