It was first announced by Finance Minister Bill English, who urged first home-buyers to "be patient". That was reinforced by Housing Minister Nick Smith, who said it was not the best time for a young family to buy in Auckland.
Prime Minister John Key is also engaged in a game of ping-pong with the Reserve Bank. Key told the Reserve Bank a fortnight ago to "just get on with it" and deal to investors pushing up demand in Auckland's housing. In return, the Reserve Bank's deputy governor told the Government to do its own dirty work and to overhaul immigration policy. This week, the Reserve Bank announced it was "consulting" on further LVR restrictions, mainly targeting investors. The Reserve Bank's definition of "consulting" appears to be akin to North Korean President Kim Jong Un's - although only the investors will be moaning about that. It also announced the changes would take place from October but expected banks to adhere to "the spirit" of them immediately.
Despite all that, those who have spoken of moving here include comedian Billy Crystal who said a Trump presidency would be an incentive to buy in New Zealand. Crystal is in town, ostensibly for comedy shows. Given Trump was confirmed as the Republican Presidential nominee yesterday, the Overseas Investment Office may want to stay alert.
There are good reasons Britons and Americans are turning to New Zealand for refuge. Whether they are accurate reasons is another question. The Huffington Post did a round-up of reasons to move to New Zealand which made it sound like a big, sandy, hippy commune. BBC Earth also pitched into the sales job, revealing the hitherto secret dating techniques of New Zealanders. It has promoted its new series New Zealand: Earth's Mythical Islands with a series of tweets including: "When he has found her, the male kiwi will chase the female around poking her rear".
If new arrivals try that out, they may find out about our mythical jails as well.