New Zealand has the world’s fastest growing house prices – Juwai
New Zealand has the world’s fastest growing house prices – Juwai
Global housing market remains polarised
The worlds fastest growing residential prices are in New Zealand, a report from Chinese real estate portal Juwai.com has revealed.
The Juwai Global House Price Index, released this month, marks New Zealand out as the world leader for Q2 2016.
“New Zealand has overtaken Europe to take the lead as the strongest perfomer this quarter, with a 10.43 percent increase. In contrast, the Australian market underwent a gradual slowdown.
“Nationwide median housing prices surged as much as 10.43 percent, a 5.19 percent year-on-year increase from the year before,” the report reads.
Romania took the second spot, with a 10.10 percent annual house price increase, with Germany coming in third at 9.90 percent.
More: New Zealand real estate is hot, but not everyone is happy about it
Overall, Europe is where house prices are rising fastest, with Turkey, Malta and Iceland also all within the top ten.
At the other end of the scale, Russia is the worst performer, with a decline of 12.46 percent y-o-y in Q2 2016.
In Asia, there is sharp polarisation. “Nine Asian markets were upbeat and either charted housing price gains or performed better than the previous quarter, while the remaining Asian markets continued their declining streak.”
Japanese housing has shown improvement, despite the economic slowdown. Residential prices increased 5.7 percent y-o-y thanks to growing demand, Yen appreciation and government stimulus.
Other Asian countries displayed modest growth, with Thailand, Vietnam and South Korea experiencing 4.38 percent, 3.58 percent and 1.07 percent increases respectively.
Read next: This is why the Chinese are beating Australians at their own auctions
Source: Property Report