UPDATED 6.01PM Few conclusions can be drawn from highly anticipated new Government data on the buying of New Zealand homes by non-residents.

New figures show three percent of homes were bought by non-residents between January and March, including about one percent from China and one percent from Australia.

However, the data doesn't include people on student or work visas, with many filling out the form incorrectly, and it doesn't include transactions made through a business or a trust.

Political reporter Frances Cook said the information was volunteered, the form was confusing and the results don't tell us much.

"We can say for sure that three percent are going overseas, but it could be much more than that."

LISTEN ABOVE: Newstalk ZB's political reporter Frances Cook speaks to Kerre McIvor and Mark Dye about the data

Land Information Minister Louise Upston admits it's hard to get a full picture from the data.

"It's still early. I know that people kind of want to get all the answers and join the dots, but actually for some of this, there are not dots you can join."

Labour's Housing spokesman Phil Twyford said the figures were collected after new rules for off-shore speculators were introduced here, and China cracked down on illegal transfers of money from there.

LISTEN: Phil Twyford speaks to Rachel Smalley about the figures

He said the data's shot full of holes and not worth the paper it's printed on.

"It excludes trusts, businesses, students, or people on work visas. 45 percent of the sales in Auckland during this period have been excluded."

However, BNZ chief economist Tony Alexander said the data gives us a rough idea of what's going on.

He said the three percent figure is relatively close to his own figures, and the true figure is probably between three and six percent.

LISTEN: Tony Alexander: New foreign buyer data paints picture 'somewhere close to the truth'