While housing markets in the world’s leading economies embark on the slow road to recovery, Australia has emerged one of the top performers.
Of 27 countries Australia’s housing market recovery was the second best performer on a global basis, with house priciest climbing 4.9 per cent since the third quarter last year, according to Global Property Guides.
Darwin had the highest price increase among Australia’s eight capital cities, followed by Melbourne and Canberra, with the upsurge partly fuelled by a genuine housing supply shortage.
Israel was the top performer, with house prices rising 10.2 per cent over the same period.
New Zealand experienced a more modest increase of 2.0 per cent.
Despite growth in some markets, more countries experienced house price falls (17 countries) than increases (10).
Lowest performers included Latvia (-59.7 per cent year to date), the UAE (-48.1 per cent), Bulgaria (-28.7 per cent), Iceland (-21.2 per cent), Russia (-19.5 per cent) and Slovakia (-15.3 per cent).