A 10.2% rise in average house prices across Australia over the past year has seen it rise 25 places in a global house price index.
Knight Frank’s Global House Price Index for Q3 2017 places Australia seventh out of the 56 countries studied, with rankings based on the extent of house price growth seen over the previous 12 months.
Amid a backdrop of markets witnessing slowing growth, Australia’s rise up the rankings goes against the general trend, with New Zealand dropping out of the top 10.
Iceland leads the annual rankings with average prices ending the year to September 20.4% higher, down from 23.2% last quarter. Iceland has now topped the Knight Frank list for four consecutive quarters.
Much has been made of rocketing real estate prices in Sydney, with residential land in the NSW capital now worth more than $1,000/sqm after increasing by 9.8% in the 12 months to June 2017.
Indeed, according to Knight Frank, average house prices in Australia have risen by over 45% over the past five years, placing inside the top 10 behind the likes of Malaysia, Hong Kong, New Zealand and Turkey, where prices have soared by 95.3% in this time.