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Among the 20 cities in the world that have experienced the greatest growth in residential prices, Australian locales have taken out a whopping six spots in a recent report.
Knight Frank’s Global Residential Cities Index for Q4 2021 has revealed that the nation’s capitals have seen some of the highest 12-month home price increases in the world.
The company’s latest data release showed just how hot Australia’s market had been over the course of 2021, bringing the changes that occurred between the start and the end of the year into clear focus.
At the conclusion of Q1 2021, only Canberra ranked in the top 20, taking out the number 17 spot after recording a 12-month growth rate of 15.7 per cent.
By the end of the year, Hobart ranked as the Australian city with the greatest residential growth and the fourth-highest of any city in the world, reporting average gains of 33.7 per cent.
The Tasmanian capital was outranked only by Istanbul, Izmir and Ankara, which took out the top three spots.
Canberra made another appearance in the top 20, ranking seventh with 30.75 per cent growth. Darwin followed at 11th with price increases of 25.5 per cent. Sydney wasn’t far behind at 13th with rises of 25.4 per cent, leading Adelaide in 15th with 24.8 per cent and Brisbane in 18th with gains of 22.1 per cent.
Melbourne sat farther back in the comprehensive 150-city list, ranking 36th, while Perth came in 90th place. Their rates of growth were reported as 15.8 per cent and 7.6 per cent, respectively.
From a worldwide perspective, Knight Frank’s latest figures reveal the extent of a global upswing in property prices. While 140 cities saw some level of growth, only 10 cities included in the report saw average values fall over the same period. The average increase across all the cities tracked was 11 per cent over the 12 months.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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