Every real estate professional builds their business around a collection of valuable assets. Some spend years developing a database of past clients and referral partners. Others invest heavily in their personal brand, social media presence or the latest technology.

Across Australia and New Zealand, agency leaders are discovering that attracting experienced agents has become one of the industry's biggest challenges. It's not because there aren't talented professionals in the market. It's because those professionals have become far more selective about where they choose to build their businesses.

Two budgets landed in May. One tightened settings for property investors, while the other got out of the way. The contrast between Australia and New Zealand's fiscal settings has sharpened a question that was already forming: is the Tasman Sea wide enough to keep Australian investors from looking at what's on the other side? And how soon will they act?

New Zealand Sotheby’s International Realty managing director Mark Harris says the Government’s latest Budget is best viewed through a broader economic lens rather than as a set of direct housing market interventions.