Kiwis are still buying millions in property as an investment, but experts say that other sectors have actually performed better than even Auckland's housing market.
Newly-released figures show real estate loans make up 87 per cent of total individual debt for Kiwis.
Economist Shamubeel Eaqub says people still seem to prefer a solid asset over something they can't physically see.
"There's a lot of uncertainty around what a sharemarket is, because a proportional ownership in lots of different businesses that feels quite removed from owning the security of a physical object like a house," he said.
"You can touch it, you can feel it, it's something that you know and you can live in.
"More often than not we don't have any debt against our share purchases, but for houses we can take out big mortgages and the equity gains for the home owner is in fact much bigger than what we see in sharemarkets."
Median house prices in our main cities have shot up recently, but the stock market is having an excellent run as well, according to Jeremy Hanlon of Homes.co.nz.
"The NZX50 has actually outperformed the housing market in Auckland by around 50 per cent," he said.
"Just like for like, putting your money in to the sharemarket has paid off better. It's that leverage that sort of changes the game.
"You just look at the performance of other investment opportunities and it just makes you wonder if everyone is making a level-headed decision."
Mr Eaqub also had a warning for those who could not see past the allure of property investments.
"There is no one-way bet when it comes to asset prices going up or down."