New Zealand housing affordability is to be examined as the newly established Productivity Commission releases its first Issues Paper today.

Canterbury Earthquake Recovery Minister Gerry Brownlee says the Government will give an initial update on the state of land in greater Christchurch tomorrow at 1:30pm.

Auckland house price rises over the three months to May are more than a simple recovery from the previous quarter, though "there will be bumps" according to BNZ.

Landlords with Wellington property management firm Jericho Residential Property Management have been left out of pocket after the company unexpectedly shut.

Auckland rents have continued on an upward trajectory, with the average weekly rent up $8 to $427 in May, according to Barfoot & Thompson.

Auckland is "clearly leading the real estate market recovery" with a 27% increase in written sales over the year to May 2011, according to the latest Harcourts MarketWatch.

The average median rent for a one-bedroom property in Auckland City Centre fell 31% in the year to May, while a four-bedroom property in One Tree Hill/Ellerslie saw its rent increase by 31%, according to the latest Crockers Auckland rental price table.

The housing market saw a further lift in volumes in May, with the seasonally adjusted number of sales up 2.6% on April, according to the latest REINZ report.

The REINZ May 2011 regional commetaries

There was a slight increase in the number of investors looking to buy property in June, nationwide sales prices remain flat and sellers are generally more motivated than buyers, according to the BNZ-REINZ Market Survey.

Property values have remained flat across the country in May while Auckland and Wellington trends contrast, according to the latest QV report for May.

QV May 2011 Report - the regions

Proposed changes to New Zealand's trust laws have the potential to alter the transfer of property and are long overdue, according to NZ Trustees Services director Jonathon Cron.

Property management sector feedback to the BNZ Confidence Survey appears to mirror recent housing market data, with Wellington flat, rising rents in Auckland and a mixed picture for Christchurch.

April saw a 32% year-on-year fall in new home consents to 893, according to Statistics New Zealand figures.

Auckland house prices took a dip in May after three months of rises, while sales lifted 3.3% to climb 12.2% above year-ago levels, according to the latest Barfoot & Thompson data.