Property love affair is a global phenomenon - witness the carnage in Ireland, Spain and the US. Witness the obsession with property in Asia.
Difference is that they are more balanced in their investments and not as dumb as your average kiwi investor who thinks property can only go one way. Blue Chip and coastal properties are two prime examples of how dumb kiwis are.
Coastal property in NZ is now stuffed for the next 10 years.