For decades in New Zealand, property wasn’t just an investment, it was THE investment.

The safest bet. The biggest capital gains. Often tax-advantaged. And for many households, the clearest path to building long-term wealth.

But that narrative is starting to shift.

House prices remain high. Debt is expensive. And a growing number of New Zealanders are questioning whether residential property is still the best way to build wealth.

In this episode of Making Cents, Frances Cook speaks with BusinessDesk journalist Dileepa Fonseka about New Zealand’s housing market, property prices, and long-term investment trends.

Together, they explore whether New Zealand’s decades-long property obsession is beginning to crack.

• Why has property been such a dominant wealth-builder in NZ for so long?

• Are we reaching a ceiling on house price growth?

• Is this just a market cycle, or a structural turning point?

If you’ve ever wondered whether buying property is still the smartest investment strategy, or whether it’s time to rethink the traditional path to wealth, this conversation will challenge your assumptions.

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This podcast was filmed & produced by Fanaticals

Video editing & content production by Lana Byrne

Audio engineering by Tash Chittock

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Chapters

• 00:00:00 Introduction
• 00:02:38 Meet Dileepa Fonseka: tracking the winds of change in property
• 00:03:12 The land myth: why property prices can't rise forever
• 00:05:50 The COVID property mania and the crash that followed
• 00:17:10 Is there a ceiling on house prices?
• 00:06:48 The political shift: capital gains tax enters the conversation
• 00:10:17 From share market skeptics to everyday investors
• 00:23:35 The rise of accessible investing: apps, Kiwisaver, and the new generation
• 00:26:04 Property's hidden costs: climate change, insurance, and rising rates
• 00:28:13 Election year battlegrounds: where is money going next?
• 00:31:36 Outro