mattwnz: It is usually your biggest asset, but that doesn't mean it should be treated as investment. Isnt that one reason it isn't subject to capital gains tax in countries like Australia. If it was an investment, then shouldn't the owner be paying tax if sold for a profit, as the intention to buy was to make a profit.
There is no capital gains tax on the family home in Australia.
Even though there is a capital gains tax on investment properties it’s not doing much to control prices there for the same reason it wouldn’t in Nz - there is a shortage of housing.