The timing for investing in city property is premature since these prices are still falling. I however I recommend investors buy a rural-based property to establish a base in the country. Some rural property is offering excellent yields and the very low NZD offers a superb opportunity to lock in a very attractive cross rate, as well as giving you the opportunity to mortgage your local home to purchase more property. Depending on whether you intend to live here, repay the loan from offshore income (which makes excellent sense), the benefits are readily apparent.
There are also compelling financial benefits for property investors, including ZERO capital gains tax, stamp duty, GST and transfer taxes. None on property! This will suit medium to long term investors depending on their investment objectives.