Ireland residential back on top, with Australia ninth fastest in world rankings: Knight Frank

Ireland residential back on top, with Australia ninth fastest in world rankings: Knight Frank
Jonathan ChancellorDecember 7, 2020

With 15% annual price growth, Ireland leads the world in residential price growth.

But with subdued price growth in Dubai and much of Asia slowing, the Knight Frank Global House Price Index record a rise of just 0.1% in the third quarter of 2014 across its 54 surveyed countries.

Some 16 countries had zero or negative price direction.

Australia sat in ninth place with 9.1% annual price growth.

"For the first time in two years the Global House Price Index came close to falling into negative territory," Kate Everett-Allen from Knight Frank research said.

"Muted growth in the third quarter comes on the back of jitters over the global economy, a lingering malaise in Europe and, in the US, a slower-than-expected housing recovery."

Ireland, having languished at the foot of the table for most of 2009 to 2012, saw prices increase by 15% in the year to September.

But Ireland remains 39% below their pre-crisis peak in 2007.

The turnaround in fortunes over the last 12 months (see below) included Spain.

Hong Kong and Dubai, by comparison, have seen price growth slow. 

No country has recorded an annual fall in house prices in excess of 10% for three consecutive quarters.

Dubai mainstream residential prices fell by 5.2% in the three months to September – the emirate’s first quarterly decline in prices in the last four years.

China’s slowdown continued with 58 of the 70 cities tracked by the National Bureau of Statistics recording price falls in the year to September.

In the US, the price of a single-family home increased by 4.8%, down on last quarter’s figure of 6.2%, with Miami pinpointed as the city with the strongest prices rising by 10.3% year on year.

The Knight Frank Global House Price Index was established in 2006 to allow investors and developers to monitor and compare the performance of mainstream residential markets across the world.

The index is compiled on a quarterly basis using official government statistics or central bank data where available.

The index’s overall performance is weighted by GDP and the latest quarter’s data is provisional pending the release of all countries’ results. 

 

Source: Knight Frank

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks