Australian cities top global price growth list
2015-11-13
Two Australian cities have made the top five in Knight Frank’s "Prime Global Cities Index" for the year to September 2015.
The index has Sydney coming in second, with an annual price gain of 13.7 per cent for the year – one of only three international cities to record double-digit growth.
Melbourne filled out the top five with a 9.4 per cent increase in values.
Michelle Ciesielski, a director at Knight Frank, says their appearance isn’t surprising.
“One factor is the lower Australian dollar, which has influenced the number of ex-pats buying back in Sydney and Melbourne, taking advantage of buying a prime property in these ideal conditions – ready for when they eventually return to Australia.”
Ciesielski says there’s also been increased interest from overseas buyers looking to secure a trophy asset either on the waterfront or in one of the cities’ more exclusive suburbs.
She believes growth is also being driven by the limited supply of quality stock in sought-after positions such as along the harbour, too.
“However, we are expecting more higher-density prime stock to come to the market in Sydney with the completion of Barangaroo and the Circular Quay redevelopment.”
The Knight Frank Prime Global Cities Index reflects the top five per cent of housing in the wider market in each city.
The highest gains globally were in Vancouver, Canada, with a rise of 20.4 per cent for the year.
Shanghai was the other big mover at 10.7 per cent, while Jakarta reflected the same result as Melbourne with 9.4 per cent.
The overall results reflect a slowing in growth among prime markets according to Kate Everett-Allen, a partner in residential research at Knight Frank.
“The index’s annual rate of growth has slowed significantly from seven per cent two years ago to 1.9 per cent.”
Seventy-three per cent of cities recorded positive annual price growth in the year to September, down from 91 per cent two years ago.
Singapore was the weakest performing prime market tracked by the index for the seventh consecutive quarter, but the rate of annual decline has slowed from -15.2 per cent at the end of Q2 to -7.9 per cent this quarter.
source: http://www.apimagazine.com.au/api-online/news/2015/11/australian-cities-top-global-price-growth-list
The index has Sydney coming in second, with an annual price gain of 13.7 per cent for the year – one of only three international cities to record double-digit growth.
Melbourne filled out the top five with a 9.4 per cent increase in values.
Michelle Ciesielski, a director at Knight Frank, says their appearance isn’t surprising.
“One factor is the lower Australian dollar, which has influenced the number of ex-pats buying back in Sydney and Melbourne, taking advantage of buying a prime property in these ideal conditions – ready for when they eventually return to Australia.”
Ciesielski says there’s also been increased interest from overseas buyers looking to secure a trophy asset either on the waterfront or in one of the cities’ more exclusive suburbs.
She believes growth is also being driven by the limited supply of quality stock in sought-after positions such as along the harbour, too.
“However, we are expecting more higher-density prime stock to come to the market in Sydney with the completion of Barangaroo and the Circular Quay redevelopment.”
The Knight Frank Prime Global Cities Index reflects the top five per cent of housing in the wider market in each city.
The highest gains globally were in Vancouver, Canada, with a rise of 20.4 per cent for the year.
Shanghai was the other big mover at 10.7 per cent, while Jakarta reflected the same result as Melbourne with 9.4 per cent.
The overall results reflect a slowing in growth among prime markets according to Kate Everett-Allen, a partner in residential research at Knight Frank.
“The index’s annual rate of growth has slowed significantly from seven per cent two years ago to 1.9 per cent.”
Seventy-three per cent of cities recorded positive annual price growth in the year to September, down from 91 per cent two years ago.
Singapore was the weakest performing prime market tracked by the index for the seventh consecutive quarter, but the rate of annual decline has slowed from -15.2 per cent at the end of Q2 to -7.9 per cent this quarter.
source: http://www.apimagazine.com.au/api-online/news/2015/11/australian-cities-top-global-price-growth-list
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