Australia in global top 10 for price growth
Australia in global top 10 for price growth
Posted on Friday, June 06 2014 at 3:45 PM
Property advisory firm Knight Frank has released analysis, placing Australia in the top 10 nations globally for real estate price growth.
The
Knight Frank
Global House Price Index for the first quarter of 2014 sees the
nation at number seven on a ranking of countries with the biggest price gains.
Michelle
Ciesielski, an associate director at Knight Frank, says the result highlights a
return to form for Australia and other markets.
“The
turnaround in the US, Australian and Icelandic housing markets is evident with
three countries now appearing in the top 10 rankings for annual price growth
alongside key emerging markets such as China, Turkey and Brazil.”
Dubai topped the annual
rankings, but prices rose by only 3.4 per cent in the first quarter, compared
to a 9.2 per cent jump over the same period in 2013.
Croatia, Cyprus and Greece were the weakest-performing housing markets
in the 12 months to March 2014.
Although the index saw slower growth in the first quarter of 2014 compared
to last quarter, it still recorded annual growth of 7.1 per cent.
Ciesielski says their outlook remains bullish for future results.
“We expect to see the index’s performance strengthen again in the second
quarter,” she says.
“All eyes will remain on central banks, in particular the Federal
Reserve, the Bank of England and the European Central Bank.”
And she says the pace of monetary policy change will be the determining
factor.
“The issue is not when interest rates rise but the speed and extent to
which they do.”
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