Investors are often interested in the relative performance of residential property compared to shares. This is especially relevant in New Zealand due to our high levels of investment in residential property compared to international norms. According to RBNZ data, the total value of household investment in residential property (excluding vacant land), was $838 billion at 31 December 2018. Residential property serves a dual function as both a place to live and as a vehicle for savings and investment. Either way the value to New Zealanders of this asset class is significantly higher than the amount that households invest in New Zealand and Overseas listed shares. At 31 December 2018 households had invested only $112 billion in this asset class.