While the Government's ban on foreigners buying existing houses is being met with a positive reception from Kiwis who are yet to get on the property ladder those who already own property are scared they could see their value drop.
"When you decrease the amount of demand for properties, which is what this policy is doing you'd expect the prices of properties to go down a little bit," Jeremy O'Hanlon of homes.co.nz said.
From early next year, sales of existing houses will be restricted to citizens or residents of New Zealand.
While that could hurt the elite end of the market, the idea's going down well with those without a foot on the property ladder.
"Guess it will make it easier for everyone else if foreigners aren't buying them," one Wellington resident told 1 NEWS.
"The Kiwis here should get the houses first," said another.
Without comprehensive data experts say it's hard to tell just what kind of effect the ban will have on the market.
Foreigners will still be able to buy into the Kiwi market, but only if they build new homes to help increase supply.
"I think this is a great move for encouraging the increase of supply in New Zealand particularly Auckland.
"It would encourage more people to chop up the back yard be a little bit more aggressive with subdivision opportunities," Mr O'Hanlon from homes.co.nz said.
One thing experts do seem to agree on is that it could be years before first home buyers see any positive effect from the foreign buyers ban to be implemented by the new Government.
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