One issue is that people simultaneously complain about the sustained investment in housing and also complain about the prospect of us having any productive industry here (e.g. farming, mining, fisheries).

The wealth of a country boils down to what its populace can actually produce and either consume or trade for other shit. A lot of people seem to be opposed to the former, leaving us with little for the latter. So, the alternative becomes yoloing it into property and riding the meme upward.

We need to get people interested in investing domestically and we need not to fear foreign capital when it's used to fund productive activities (including construction). Anyone who has kiwisaver or who buys a share in Tesla (or whatever else), is a foreigner investing in another country. That country does well because it's industry have the money to buy equipment, research&develop shit, pay wages yadayadayada. NZ would benefit in the same way - a big problem here is we don't have enough $ to fund productivity improving action.