CoreLogic has released its latest Buyer Classification figures for January, which show investors took a bigger slice of the action last month.
Last month, mortgaged investors had a 30% share of property purchases, "reflecting a high number of purchases too, not just a dip by other buyer groups".
Cash investors also grew their market share in January, to 11% of the market.
"When you add the cash and mortgaged figures together, it becomes even clearer the role that investors have played lately," CoreLogic economist Kelvin Davidson said.
Davidson said the figures "show that the Reserve Bank was on firm ground in raising deposit requirements for investors".
The Reserve Bank has introduced a new 60/5 rule, meaning banks will only be able to lend 5% of their book to investors with an LVR above 60%.
In effect, investors have been hit with a 40% deposit requirement and the RBNZ wants the changes imposed "immediately".
The latest CoreLogic data also found growing "fatigue" among first home buyers, with fast-rising house prices and ever-larger deposits needed.
FHB's share of the market fell to 22% in January, the lowest level since the first half of 2018.
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