Find out which country has the most growth in 2021?
Australia in 7th, US 3rd, 1st is ???
The London based estate agency Knight Frank have just published their Global House Price Index for Q2 2021. Ranking countries in terms of annual growth in house prices. And the results are quite interesting...
Australia ranked 7th... 10 of the world’s developed economies averaged price growth of 12%
Australia's housing boom is one of the fastest growing in the world, recording itshighest rate of annual price growth since 2003.
10 of the world's developed economies recorded more than 12% growth in 2021 while China trails at 40th with a 4.3% annual growth.
Interest rates predicted to rise in multiple countries
While interest rates are at historical low levels, we cannot expect it to stay at this level forever. The prospect of rising interst rate in markets such as New Zealand, US and the UK will have an impact on buyer sentiment in the medium term.
But recent tighter restrictions in South East Asia,New Zealand and Australiahave sparked renewed activity as lockdowns have let people to rethink homes and lifestyles.
"More buyers than homes"
The Australian housing boom can be attributed to a number of factors.
"Scarcity remains the key driver for the significant growth in residential values across Australia, with pent-up demand from those engaging in an incredibly low interest-rate environment,” Said Knight Frank head of residential research Michelle Ciesielski.
Quality projects hard to find in Sydney
The supply problem has long been the situation in Sydney where there is very limited developable residential land. The city is also surrounded by reserve parks and the ocean. That means one needs to be quick at snapping up a quality project, if there is one.
