Australia's property price growth is the fifth best in the world, according to the latest Knight Frank Global House Index. In the first half of the year alone, the report indicates Australian property prices rose by 18.4 percent.
Australia’s property prices lead the way
Australia's property price growth is the fifth best in the world, according to the latest Knight Frank Global House Index.
In the first half of the year alone, the report indicates Australian property prices rose by 18.4 percent.
Singapore was reported as having the best property price growth with a 37.0 per cent rise throughout the year to June 2010, followed by China, Hong Kong and Latvia rounding out the top five.
Matt Whitby, National Director of Research at Knight Frank, advised the growth we are seeing is due to a number of factors including the 40-year-low interest rates, additional first time buyer concessions, a 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.
Source: Rebonline, nobelfinance, ohpropertygroup
December 2010
