That's sort of the classic interpretation of investment. AFAIK, the first question most people ask about investments is "what is the expected rate of return (relative to the risk)?".
I would not describe my car as an investment, since it's basically guaranteed to depreciate. Housing could be expected to behave in a similar manner (although that would likely require a decrease in population growth).
The value of the structure does often decrease over time. The land might be a different story, if it’s a neighborhood where people want to move. Location, location, location. You can get property that decreases in value too, just move into a neighborhood in decline.
