- 27 January 2017
How Do Australian House Prices Compare Internationally?
The skyline over Shenzhen in China, where house prices have risen 35 per cent!
As some of the talk in Australia centres on how expensive our house prices are, it is interesting to have a look at how these compare internationally.
The surging housing markets of Sydney and Melbourne pale in comparison to the boom in China that has pushed prices up by 40 per cent in some major cities. Chinese cities account for the top eight rankings in Global Residential Cities Index compiled by international real estate group Knight Frank. Nanjing topped the chart, posting price growth of almost 43 per cent in the 12 months to the third quarter of 2016.
Elsewhere in the world, Auckland and Vancouver were well ahead of the Australian cities, to which they are often compared. Despite a new tax on purchases by foreign buyers, which has put a brake on home sales, Vancouver prices rose 24 per cent in the past year. Houses in Auckland gained more than 15 per cent.
So . . . where do Australian house prices rate?
In Hong Kong, Mumbai, Beijing and Shanghai, it now takes more than 30 years for a household with the local median income to buy a 90 square meter (970 square foot) apartment. That's according to Oxford Economics examination of price-to-income ratios across the world.
Have a great weekend and catch you next week!
Troy Gunasekera // National Manager
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