Sim if you are talking about an index tracking vehicle then fine, if about individual shares then you need to be aware of the attrition rate of all companies and MF's. The assumption that the property titles my RE are place on is a more robust investment in survival terms than many companies in the ASX200 over the course of my lifetime is something I think is true.

I imagine an index fund is inherently no riskier than generic resi property in terms of risk in a politically stable country like Australia (presently!) if you define risk as your investment going down so far it never recovers or even dissapears.