Oz leads world in property price growth

Oz leads world in property price growth

by 0 comments

Staff Reporter

Australia's property price growth is the fifth best in the world, according to a new report.

The latest Knight Frank Global House Price Index found house prices rose by 18.4 per cent in Australia throughout the year to June 2010.

Singapore enjoyed the best property price growth - with prices surging 37.0 per cent in the year to June.

Knight Frank national director of research Matt Whitby said Australia's significant price growth was driven by a number of factors including 40 year low interest rates, first time buyer concessions, strong population growth and a lagging supply response.

"With interest rates likely to rise from current levels in 2011, the government incentives winding back and the supply response picking up (albeit modestly), we expect house prices to track sideways over the next six to nine months," he said.

Rounding out the top five positions were China in second place, followed by Hong Kong and then Latvia.

 

Staff Reporter

Australia's property price growth is the fifth best in the world, according to a new report.

The latest Knight Frank Global House Price Index found house prices rose by 18.4 per cent in Australia throughout the year to June 2010.

Singapore enjoyed the best property price growth - with prices surging 37.0 per cent in the year to June.

Knight Frank national director of research Matt Whitby said Australia's significant price growth was driven by a number of factors including 40 year low interest rates, first time buyer concessions, strong population growth and a lagging supply response.

"With interest rates likely to rise from current levels in 2011, the government incentives winding back and the supply response picking up (albeit modestly), we expect house prices to track sideways over the next six to nine months," he said.

Rounding out the top five positions were China in second place, followed by Hong Kong and then Latvia.

 

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?