Probably a bit early to say. The big Christchurch earthquake certainly pushed Canterbury property prices for some time, and yes, reserve bank might want to keep in the current situation interest rates down for a bit longer.
One of the big unknown is - is NZ's attraction and the BREXIT and Trump fear bigger than people's fear of earthquakes? I think the number of immigrants over the next 12 to 24 months might be one of the more significant parameters to determine where property prices will go.
On the bright side: It certainly looks like we just found another use for all these immigrants who did help with the Christchurch re-build;)