The Government's proposed tax changes has shattered investors' confidence in the housing market, according to a survey by online bank RaboPlus.
The RaboPlus Financial Confidence Index measures confidence in the financial sector, including banks, finance firms, insurance companies, fund managers and financial advisers.
The inaugural Raboplus Financial Confidence Index in September last year found that housing was the most favoured investment.
But, housing is now the least favourite, with residential investment considered to be on par with financial firms.
RaboPlus general manager Mike Heath says it is clear the Government's tax proposals are hitting the housing sector hard.
"Investors are money savvy people - they've been in investment properties for tax benefits or to be more tax effective ... and the change in their level of confidence as far as houses are concerned reflects that.
"They are obviously expecting some decisions to be taken by the Government in the May Budget which wil mean housing is a less attractive investment as to what it would have been six months ago."
Mr Heath says the survey found banks are set to capture the majority of investors' cash over the next six months.
Overall, banks and insurers have the highest public confidence rating.
About 60% of investors say they will deposit money into a saving account, while 27% will opt for a term, or on-call, deposit in the next six months.
Despite this, confidence in finance companies has risen, climbing from negative 53% last survey to negative 42% now.