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Source: MIL-OSI Submissions
Source: CoreLogic Market Pulse with Kelvin Davidson

Investors have been key players in the property market since mid-2019, but they will also be facing a significant impact on their returns over the coming weeks and months. 

Queenstown and Gisborne are two examples of areas that have recently seen high investor activity and could now therefore be more affected in the downswing. 
The new-build market for flats, apartments etc in Central Auckland has also been dominated by investors lately, but could now face falling rents (e.g. as Airbnb-type properties move into the traditional long-term rental sector) and/or investor sales.