UPDATE 6.27AM: A tsunami threat issued for New Zealand has been cancelled.

The warning was issued earlier this morning following a magnitude 7.3 earthquake off the east of the North Island.

The quake woke many people around the country, including the Bay of Plenty.

People reported feeling a long and strong quake around 2.30am.

The National Emergency Management Agency issued a tsunami threat at about 3.30am.

This has now been cancelled as the agency says the threat has mostly passed.

"Based on GNS Science's modelling and ocean observations on tide gauges and the New Zealand DART Buoys, our science advice is that the threat of strong and unusual currents has now passed for all parts of New Zealand, including the Chatham Islands," says a statement from the agency.

UPDATE 3.33AM: A tsunami warning has been issued for New Zealand.

National Emergency Management Agency, also known as Civil Defence, says they have issued a tsunami warning for coastal areas following a 7.3 earthquake near the East of the North Island of New Zealand.

"There is a land and marine threat. An EMA will be issued under land and marine tsunami threat."

Coastal inundation (flooding of land areas) is expected in the following areas:

The East Coast of the North Island from CAPE RUNAWAY to TOLAGA BAY.

Strong and unusual currents and unpredictable surges near the shore are expected in the following areas. This means a threat to beach, harbour, estuary and small boat activities, says the Civil Defence.

The East Coast of the North Island from PORT CHARLES to CAPE RUNAWAY including Tauranga, Whakatane and Opotiki, and from TOLAGA BAY to MAHIA including Gisborne, and GREAT BARRIER ISLAND, and the CHATHAM ISLANDS.

The first waves may reach New Zealand in the areas around East Cape at around 3:14am New Zealand Standard Time.

The severity of currents and surges will vary within a particular coastal area and over the period this warning is in effect.

The first wave may not be the largest. Tsunami activity will continue for several hours and the threat must be regarded as real until this warning is cancelled.

People in all New Zealand coastal areas should:

1. Listen to the radio and/or TV for updates, or check www.civildefence.govt.nz
2. Listen to local Civil Defence authorities and follow any instructions regarding evacuation of your area
3. Stay out of the water (sea, rivers and estuaries, this includes boats)
4. Stay off beaches and shore areas
5. Do not go sightseeing
6. Share this information with family, neighbours and friends

It is currently an outgoing tide in the Bay of Plenty, with low tide due around 6.37am. High tide is not due again until around 12.56pm.

This warning will remain in effect until a cancellation message is issued by the National Emergency Management Agency.

EARLIER: 3.28AM:

A tsunami threat to New Zealand is still being assessed following a 7.2 magnitude earthquake off the East Coast this morning.

The National Emergency Management Agency and GNS Science are assessing the earthquake parameters to determine if there is a tsunami risk to New Zealand, says the NZ Civil Defence.

A Bay of Plenty Civil Defence spokesperson says, to be safe, all those on the coast who felt the quake or had trouble standing up should immediately move to higher ground.

"People near the coast from CAPE RUNAWAY to TOLAGA BAY should MOVE IMMEDIATELY to the nearest high ground, out of tsunami evacuation zones, or as far inland as possible. Do not return until an official all-clear message is given by Civil Defence," reads a post on Twitter.

GeoNet reported a 7.2 magnitude earthquake east of Te Araroa around 2.30am.

"The quake lasted for a good 30 seconds," says a SunLive reader who lives at Mount Maunganui. "It was rolling back and forth."

The earthquake occurred at 2.27am, at a depth of 94km, 100km east of Te Araroa.

Within minutes, there were more than 34,000 reports of the quake sent in to the GeoNet website, with over 13000 reporting it as a light quake, and nearly 10,000 as a moderate quake.

Facebook group members from Whakamarama to Whakatane have posted online saying they felt the quake.

One person describes the shaking "quite long" and "very noticeable".

"My bed was rocking and I could hear my rocking chair outside moving."

GeoNet is classing this as a severe earthquake.

The National Emergency Management Agency and GNS Science are assessing the earthquake parameters to determine if there is a tsunami risk to New Zealand.