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Australia’s property price growth is the fifth best in the world, according to a new report.
The latest Knight Frank Global House Price Index found house prices rose by 18.4 per cent in Australia throughout the year to June 2010.
Singapore enjoyed the best property price growth – with prices surging 37.0 per cent in the year to June.
Knight Frank national director of research Matt Whitby said Australia’s significant price growth was driven by a number of factors including 40 year low interest rates, first time buyer concessions, strong population growth and a lagging supply response.
“With interest rates likely to rise from current levels in 2011, the government incentives winding back and the supply response picking up (albeit modestly), we expect house prices to track sideways over the next six to nine months,” he said.
Rounding out the top five positions were China in second place, followed by Hong Kong and then Latvia.