Prices have risen by more than 50% nationally over the past ten years.
Disquiet over foreign investment has been strong amid high levels of activity from Chinese purchasers.
Confirming the visit at a press conference here, Turnbull said that Australia and New Zealand have shared a close bond for decades, likening the relationship between the two nations to that of a "family", reports Xinhua news agency.
"I think probably, from at least New Zealand's perspective, the message we would send is that it's never too late to talk", Ms Ardern said.
In New Zealand, no such restrictions apply and foreigners can purchase any property on the proviso that they apply to the Overseas Investment Office before purchasing property which is worth more than $10 million, comes with more than five hectares of land or consists of coastal land which is larger than 21,527 square feet. The new government, sworn in only last week, faced having to re-open negotiations, which risked scuppering the deal at this late stage.
According to RTE News, Ms Ardern said "We are determined to make it easier for Kiwis to buy their first home, so we are stopping foreign speculators buying houses and driving up prices", she said.More news: Prem Kumar Dhumal named BJP's chief ministerial candidate for Himachal Pradesh elections
Jacinda Ardern speaks to CNN in her first major worldwide interview as prime minister.
She said the legislation will be in place before Christmas and once passed, will take effect early next year.
"This is a policy that's created to solve a political problem", opposition finance spokesman Steven Joyce said.
New Zealand had no such grounds for an outright ban on overseas investment in housing, but its Overseas Investment Act is exempted from the trade deal. The domestic law change on foreigners buying homes provides Ms Ardern with a work-around.
The pair earlier this month had their first phone conversation, with Ms Ardern describing it "incredibly warm and friendly", dispelling fears of a potential diplomatic rift with Australia.
"We need to acknowledge that we are - unless we make dramatic changes - at the front of seeing refugees as a result of climate change, and so we see a duty of care there both to champion internationally the importance of responding to climate change, but also doing our bit".