New Zealanders blame investors, foreigners and net migration for the housing crisis, with only 11 per cent accepting the Government's view that lack of supply is the leading cause.

The BNZ Financial Futures survey has found 35 per cent of New Zealanders rate property investors as the leading cause of the housing crisis.

About 25 per cent blame either net migration or foreign investors for the overheated property market.

BNZ chief executive Anthony Healy said he's surprised by the low number citing supply as the key issue.

"If you ask experts in the industry they'll all point to supply as the key constraint, but we've clearly not done a good enough job of communicating what is a complex issue around supply and that being a key driver of house price inflation" he said.