Of course, we all have to live somewhere, but especially in a low inflation environment, houses do not offer a high investment return - either to most of us as owner-occupiers or to those holding investment properties (although I acknowledge the incentives created by the present tax regime).
It is perhaps worth noting that New Zealand home ownership is no longer particularly high by developed world standards and, although getting consistent data over time is not easy, may even be slipping down the international rankings. I suspect this may surprise some people, as we tend to see ourselves as a nation of home-owners tending the quarter acre plot.