I think in general I have read (apart from obvious take off / landing and approaches) light aircraft is 152m / 500' minimum AGL, why our 120m / 400' altitude restriction is important.
I wasn't sure about general airspace and NZ so googled it, and yes wiki info states in general airspace is as such . . .
General airspace
What altitude should you fly a light aircraft ?
500 feet
An aircraft must maintain an altitude of 500 feet above the surface, except over open water or sparsely populated areas. In those cases, the aircraft may not be operated closer than 500 feet to any person, vessel, vehicle, or structure.
Lowest height a light aircraft should fly ?
500 feet
Lowest safe altitude. In aviation (particularly in air navigation), lowest safe altitude (LSALT) is an altitude that is at least 500 feet above any obstacle or terrain within a defined safety buffer region around a particular route that a pilot might fly.
New Zealand CAA info
www.aviation.govt.nz
But also states . . .
Commonly,
low flying refers to any flight at or below 500 feet agl that
may be practised only in designated low flying zones.