This paper provides an up-to-date analysis of recent trends in the housing market, using unit-record data from CoreLogic on housing and mortgage transactions in New Zealand. Increased housing market activity in recent months has been driven by strong investor demand, both within and outside of Auckland, as reflected in increased investor purchases and significant growth in investor-related mortgage credit. Increased investor activity is primarily due to small investors, who are generally more reliant on credit. This suggests the incoming changes to the LVR restrictions could have a significant dampening effect on Auckland housing market activity and house price inflation.