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I'd be interested to see it. AFAIK, only some of the retail & industry funds get involved by way of property development of large scale residential properties eg: CBUS & Rosecorp in a JV at Meadowbank, ISPT etc but they don't hang around as investors. Quoting from the PDS for Sunsuper "property...

Geez I feel old. As a fhb all I wanted was 2+ bedrooms with a 10 square house.

You'd be surprised that the answer is closer to 0%. Super fund managers chase cashflow returns (capital gains as a bonus) with quantifiable risk. Residential provides dismal cashflow (<5% gross returns), capital gains are speculative, cost of management is high, investment hurdles are low...

This will only put upward pressure on prices. No guarantee that it won't be a bad investment. Super is best left in an inaccessible account where the uneducated can't get their hands on it.