The Reserve Bank plans to bring back LVR restrictions from March.
First home buyers frustrated by rising house prices may find they ease off in time.
Only 33 percent of properties sold are below the grant's threshold.
"They've been facing a bit of a conundrum recently."
"The real question now is how long this can be sustained for - particularly now Auckland's back at level 3."
The end of mortgage holidays could also have an impact on house prices, REINZ says.
Seven regions saw all-time average highs in asking prices.
With interest rates falling through the floor, will house prices do the same?