Australia in property top ten25 June 2015 by News Desk
Rising house values in Sydney and Melbourne have put Australia in the top ten global league of premium property prices.
Prices in Sydney and Melbourne increased by 7.4% and 7.2% respectively over the past 12 months. In the past 12 months the residential property market in Sydney saw overall growth of 16.5% for houses and 12.9% for apartments.
Price growth at the top end of the world’s property market has grown by 3.9% in the last 12 months. US cities occupy three of the top four rankings for annual price growth. Overall, luxury properties are an average 46% more expensive than in 2009.
Hong Kong is currently the top performing market today in terms of growth in property values with an increase of 18.7%. The second top performing market is Turkey where values have risen by 18.6% followed by Ireland (16.8%), Luxembourg (12.1%) and Estonia (11%).
The Knight Frank Prime Global Cities Index compares the performance of prime residential prices in major global cities, accounting for the top five per cent of the wider housing market in each city.