RBNZ threatens interest rate rise to cool Auckland housing market.
 

"The Reserve Bank has broadly hinted that it might look at raising interest rates earlier if the housing market continues to rise sharply.
In a to speech to the Employers and Manufacturers Association in Auckland RBNZ deputy governor Grant Spencer delivered the central bank's strongest warning so far on the quickly rising housing market. Avoiding another costly housing boom was critical for economic and financial stability he said....."

http://www.interest.co.nz/property/6...t-house-prices

I don't understand why they don't look at the actions taken recently by Singapore, Hong Kong and Australia - all three of whom are using different, more specifically targeted and less drastic methods to dampen the enthusiasm of non resident (read Chinese) home-buyers/property speculators and without upsetting the rest of their economy.