The Australian housing market is ranked in the Top 20 globally for growth, according to the Knight Frank Global House Price Index.
The half-year ranking, which tracks the movement in residential prices across 56 countries and territories worldwide, confirmed Australian property prices had increased 6% in FY2020.
The position is 37 places higher than last year and puts Australia’s ranking at No.19 globally.
Head of residential research Australia Michelle Ciesielski says: “While annual price growth in Australia has fallen slightly from the previous quarter, growth is still positive and 1.4% higher than the average annual price change of 4.7% across the 56 countries and territories tracked in the index.
“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.”
New Zealand was the best performing country in Asia Pacific, with growth of 9% over the past year.