All the rumours are that iPods will be AU$849 or so. The Japanese list price is Y47800 (about US$385, or AU$750), so they could probably be found cheaper than that on the street. And Apple are being very sly about when there are actually going to be units shipping in Australia.
If they are really going to be NZ$700 that's certainly cheap - almost worth a trip over just to get one. But I'd be very surprised - NZ doesn't have a reputation for tech bargains.