The latest survey has found investor confidence has eased, with residential property declining in popularity ahead of expected rule changes for the sector.
The ASB Investor Confidence Survey shows optimists outnumber pessimists in the March quarter: a net 23% of respondents expect better returns over the next year.
That's down 7 points from an all-time high the previous quarter.
ASB investment services head Jonathan Beale says the Government is expected to tighten tax rules around property investment in the Budget, and that has affected expectations of returns.
However, property still remains the favoured asset class, with a net 17%of investors believing it gives the best return, just ahead of bank savings and term deposit accounts.
That's followed by managed investments, shares and KiwiSaver.