The meteoroid became a fireball and raced above Queenstown about 11pm yesterday, before burning out over Southland.
Fireballs Aotearoa, a group interested in meteorites, said a sonic boom was widely reported as the object came in overhead.
Although most of its mass burned up in the fireball stage, it was believed a small meteorite may have landed in a remote portion of the Eyre Mountains in northern Southland.
Fireballs Aotearoa are on the hunt for it and believe it may have landed in the Eyre Mountains in Southland.
Spokesperson Steve Wyn-Harris said there was too much cloud cover to get specifics on its location.
"We haven't got a lot of cameras with good data to really pinpoint the exact location.
"So because of that at this stage unless we get better data, we won't be setting up a search expedition for it in the Eyre Mountains."
The group is asking for public input.
"We are assessing our data to see whether a meteorite may have fallen in the area. But we need your sighting reports," the group said on Facebook.
"Was so spectacular to see this by chance tonight," one person in Queensberry, Otago said.
"Was sitting on my balcony in Queenstown and the balcony suddenly light up, was amazing to see and then hear the sonic boom 2 mins later," another person wrote.
"Saw it fly overhead in Queenstown heading South over Deer Park Heights," said another. "Very loud delayed sonic boom 1-2mins later that rattled the mirror on the wall inside the house."
The fireball was also reportedly seen in Australia.
"Didn't see it but heard the sonic boom," a person in the state of Victoria said.
The meteoroid would be New Zealand's 11th documented meteorite, if found.
"Orbital data indicates the rock originated from asteroid belt, between the orbits of Mars and Jupiter, Fireballs Aotearoa posted.
"It is therefore likely a fragment of a larger asteroid that formed early in in solar system's 4.5 billion year old history!"
