20 Apr 2018

Brisbane cracks top 100 list of global cities with the strongest property price growth

BRISBANE has beaten London, Beijing and Brussels on a global list ranking cities with the highest home price growth.

The latest Knight Frank Global Residential Cities Index ranks the Queensland capital as number 100 based on residential property price growth of 2.1 per cent in the past 12 months.

But while Brisbane has performed better than some of the other major world cities, it only ranked sixth in Australia.

Hobart recorded the highest price growth of 13.1 per cent, jumping from 34th place to 11th on the list.

Melbourne came next in 21st place, with 10.2 per cent price growth in the year to December 2017 — up from 24th on the index.

Canberra’s residential market is now outperforming Sydney’s, with the nation’s capital sitting at 59th on the list with 5.7 per cent growth.

Sydney is in 83rd place on the index with 3.8 per cent price growth, and Adelaide is in the 87th spot with 3.6 per cent growth.

Knight Frank’s Australian head of residential research Michelle Ciesielski said it was encouraging to see six Australian cities crack the top 100.

“There is a clear differentiation in the pace of property growth around Australia, with Sydney and Melbourne seeing prices moving towards a more sustainable level of growth,” she said.

“The influence by the Australian Prudential Regulatory Authority (APRA) on the lending environment has certainly been felt with many investors retracting from the market on the east coast.

“This risk-adverse environment is likely to remain for some time given the current banking royal commission.”

The Global Residential Cities Index assesses house price performance across 150 of the world’s cities.

It has found global residential property prices grew 4.5 per cent in 2017, down from 7 per cent in 2016.

Berlin led the annual rankings for 2017, with home price growth of 20.1 per cent during the year.

SOURCE ; http://www.news.com.au/finance/real-estate/brisbane-qld/brisbane-cracks-top-100-list-of-global-cities-with-the-strongest-property-price-growth/news-story/3b4ec43d1797b3cebc9999068e180d1c

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