Australia’s Rank On The World Stage
Australia has come in 18th position in the world for the pace of its property price growth.
The latest Knight Frank report, which analysed the property price growth in 56 countries says Australia recorded a 4.9% increase in house prices over the year to the third quarter of 2023.
Australia was one of 35 markets that experienced annual price growth, while just 21 of the 56 countries recorded drops in values.
Knight Frank head of residential research, Michelle Ciesielski, says the upturn in the latest quarter indicates strengthening price growth in several markets, including Australia, Ireland, Sweden, the UK and the US, despite rising interest rates.
“The resilience of house prices can be attributed to limited available stock, strong employment and robust wage growth,” she says.
Turkey has the most significant increase of 89.2% followed by Croatia (13.7%) and then Greece (11.9%).
Knight Frank’s global head of research, Liam Bailey, says the big issue for housing markets in 2024 will be low market liquidity.
“With sales volumes down by up to a quarter compared to their recent peaks- only a shift to lower interest rates will lift sales activity,” he says.
