global house price growth

NOTHING TO BE PROUD OF: Australia makes top 5 for global house price growth

PHOTO: Australian property

After six years, Australia has returned to a top-five position in a quarterly global house price index, having achieved 18.9 per cent annual price growth.

The latest Knight Frank Global House Price Index Q3 20201 has reported an increase in Australian property market prices from 16.4 per cent in Q2 2021, which helped the country rank fifth globally in Q3 2021.

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According to Shayne Harris, Knight Frank Australia’s partner and head of residential: “It is interesting to see Australia take out the fifth position globally for the growth in house prices in Q3 of 2021 – the last time we were in a top five position was at the end of 2015, prior to tightened lending restrictions being implemented.”

Globally, prices rose 9.4 per cent on average across the 56 countries and territories covered by the index, with 96 per cent of nations showing positive year-on-year increases, Knight Frank revealed.

Turkey retained its position on the top spot, recording 35.5 per cent growth over a 12-month period to September 2021.

South Korea took over New Zealand at second place, showing a 26.4 per cent increase as the latter slid to third place at 21.9 per cent over the period.

Sweden moved up one rank higher at fourth place (20.3 per cent), and, as mentioned earlier, Australia rounded out the top five.

While the United States had previously resided in the top five, it was pushed out – coming in at sixth place with a growth of 18.7 per cent.