Record price lifts move our global growth into top 20

The fastest residential house price recovery on record prior to the pandemic has seen Australia rank in the top 20 for growth globally.

Knight Frank’s head of residential research Australia Michelle Ciesielski. Picture: John Feder

The fastest residential house price recovery on record prior to the pandemic has seen Australia rank in the top 20 for growth globally, according to the results of the Knight Frank Global House Price Index.

The half-year ranking by the real estate firm, which tracks the movement in mainstream residential prices across more than 50 countries and territories worldwide, found the 6.1 per cent net price growth nationally over the 12 months to June placed Australia 19th on the world stage.

It is a 37-place climb in rankings for Australia, which was dead last the same time last year after falling 7.4 per cent.

Australia slipped from 10th place in the rankings in the first quarter of the year, when prices were 8.6 per cent higher nationally, after the market bottomed in June 2019 to cap off an 18-month-long downturn.

Knight Frank’s head of residential research Australia Michelle Ciesielski said the data used to compile the list lagged to a degree with some countries yet to report figures for the second quarter because of the pandemic, which has dealt a blow to major markets.

“Australia has dealt with the COVID-19 pandemic better than some other countries and territories around the world, with the length and severity of the lockdown not as strong, which partly explains its stable performance,” Ms Ciesielski said.

New Zealand was the best performing country in Asia Pacific, with growth of 9.1 per cent over the past year, but seven-week long level-four lockdowns caused it to slip in the rankings from No 2 to 11 between March and June.