Iceland ranks first with 20.4 percent growth in house prices in the world, while Hong Kong, China, ranks second with 17.5 percent, according to a report on the Knight Frank International Global House Price Index for the third quarter of 2017, according to an Australian news agency. And Australia's house prices in the global ranking rose to 7.
The article is summarized as follows:
While house prices in Australia as a whole are still rising steadily, Australia's ranking in the global house price rankings has risen, largely because of weak real estate markets in other countries and regions.
According to reports, recently released in the third quarter of 2017 real estate consulting firm Knight Frank International report on the global house price index (Knight Frank Global House Price Index), although Australia's ranking in the list is ahead of schedule, But nearly half of the list of countries and regions of the increase in housing prices have been reduced.
Global house prices rose 5.1 percent on average in the past year to September, according to data. But this is the lowest level since early 2016, according to Cheselski (Michelle Ciesielski), head of Australian housing market research at Knight Frank.
Iceland topped the world with 20.4 percent, while Hong Kong, China, ranked second with 17.5 percent. The Czech Republic, Malta and Canada ranked third, fourth and fifth with growth rates of 13.2%, 11.5% and 11.4%, respectively.
Australian house prices rose to seventh place in the world, compared with the 11th quarterly report of the previous year. However, the study found that average house prices in Australia rose 10.2 percent in the third quarter, roughly the same as three months ago.
Australia's flat quarterly house price increase came as a surprise given other indicators that the Australian property market had cooled, with real estate agents saying property auctions were milder and the rate of clearing fell.
In response, Knight Frank Australia's head of housing, Harding (Sarah Harding) said: "despite a slight cooling in Sydney's housing market in recent years, the Melbourne, Hobart and Canberra markets have boomed, driving up aggregate annual house price growth."
Although investors are finding it increasingly difficult to get loans, inquiries from self-housing buyers have increased, according to Harding. "We have seen the first home buyers return to the market," Harding said.
It is understood that as New and Victoria abolished stamp duty on lower-priced properties, this also played a role in promoting first-suite buyers.
