Australia Ranks Top Four
Australia is in the top four in the world for house price growth in the past five years according to new data from the International Monetary Fund.
The data shows that after inflation Australian house prices have increased by more than 10% since 2019. Only the United States, the United Arab Emirates and Japan had higher real house price growth during the same period.
It comes as the Australian Financial Review’s quarterly property survey, tips that prices will keep rising.
Its panel of ten experts are predicting growth of 5% nationally with Perth expected to have the strongest growth of 16% in 2024.
The survey shows that demand is the highest in affordable cities and Brisbane and Adelaide should increase by about 10% this year.
Sydney’s growth is forecast to be between 4.5% and 9 % and Melbourne by up to 4%.
Knight Frank chief economist, Ben Burston says despite recent growth prices in Perth and Adelaide, remain well below that of other capital cities and still have “further upside in the near term”.
