nz shares or property

[Bjauck]

...
My guess is you are probably overweight in Property yet your returns on an EBITDA basis are probably alot lower.

You could argue the counterfactual that without the property, you wouldn't be able to get debt, which is a far comment. Always compare like for like, while being mindful of the benefits of each.

That is the advantage of (real estate) property...you can easily borrow money against it...so I guess you could argue that the profits derived from shares bought with the mortgage moneys should be allocated as being derived from the real estate.

The current NZ tax system plus ability for investors to leverage all add up to owner occupiers being gradually priced out of the residential property market in NZ (esp Auckland).