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Market Wrap , Residential

Australia ranks 11th on Global House Price Index

We all know Australian house prices have grown rapidly over the past few years, but how do we compare to the rest of the world?

Australia has moved up nine places to the 11th spot in the latest Knight Frank Global House Price Index, propelled by 10.2% growth in house prices in the second quarter of 2017. This was largely driven by the Sydney and Melbourne’s booming markets.

It’s no secret that Melbourne’s population is surging with latest census data showing the city has grown by nearly a million people over the last 10 years, driving demand, and therefore prices, of homes further.

As such, BIS Oxford Economics has reversed its earlier prediction that Melbourne will suffer a surplus of apartments, forecasting the city’s apartment stock will be in balance.

The Victorian Government’s new laws reducing stamp duty for first home buyers has also played a part in the increased demand over the last quarter – recent stats showed first home buyers have been in full force over the past few months.

If you’re considering listing your home this spring, now is a great time to capitalise on strong demand. Speak to your local hockingstuart agent about how we can help you put your best foot forward to achieve a great result.