"Hopefully it will cause a few people who are trying to hop on the bandwagon, just to get some big profits, to change their mindset, but I don't think it will change those fundamental drivers of why Auckland property prices are going up," Lister said. "It's just that more people are moving [to Auckland] and there's only so many places for them to live."
Rickey Ward, New Zealand equity manager at JBWere, said the Government's slow progress on overhauling the Resource Management Act (RMA), which would speed up development and new housing supply in Auckland, was a big part of the problem.
"It does feel like [the new rules] are stalling for time to allow them to address the real problem which is the inability to get new infrastructure and get the RMA resolved," he said.
Ward was sceptical about how much impact the new measures would have on cooling the housing market.
"You really do question whether it's going to succeed. Chances are it won't," he said. "But you have to try something new and it will provide a bit of time to resolve the real issues."
Harbour Asset Management analyst Shane Solly said a consistent land development strategy, combined with infrastructure investments, would be crucial in providing a long-term solution to housing market issues.