Sydney’s recent run of strong house price growth has pushed the city’s property market towards the top of the global ladder.
Global real estate services firm Knight Frank claims in the 12 months from September 2014, house prices in Sydney grew 19.9%, good for fourth position on their Global Cities House Price Index.
According to the index, which tracks house price growth in 165 cities across the globe, the Chinese city of Shenzhen was home to the world’s strongest house price growth in the 12-month period, with prices rising 47.5%.
Kate Everett-Allen from Knight Frank’s international residential research department said Shenzhen rose to the top of index thanks to moves by the Chinese government.
“In 2015 first-tier cities in China saw strong demand on the back of the relaxation of policy restrictions which boosted market performance,” Everett-Allen said.
“Shenzhen is fast becoming one of China’s key technology hubs, its population of 10 million has an average age of 30,” she said.
In second position over the 12 months from September 2014 was Auckland, New Zealand, where house prices grew 25.4%.
The Turkish city of Istanbul, where prices rose 25%, took third spot on the index.
Sydney and China’s Shanghai, where prices rose 18.2%, rounded out the top five.
Across the index house prices grew 4.4%, with 121 of the 165 monitored markets recording price growth.
All eight Australian capital cities feature among the 165 that make up the index, with Melbourne the next best performer after Sydney.
The Victorian capital was ranked 24th
on the index with house price growth of 9.9% in the 12 months from September 2014.
Canberra was the next best placed Australian market at number 77 on the index with house price growth of 4% over the 12-month period, followed by Brisbane at 81 with growth of 3.8%.
came in at 81 with growth of 3.5%, while Hobart’s 1.7% growth over the year to September 2015 put it at 111.
A price fall over the period of 2% put Darwin
at 141 on the index, while Perth
’s 3.3% fall saw it come in at 152.
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