Global cities now outpacing national markets for residential price growth
According to Knight Frank’s latest Global Residential Cities Index, predictions of ‘the death of the city’ are now a distant memory with cities outpacing their national housing markets.
Prices have risen by 9.8% on average in the year to Q2 2021, compared to an average of 9.2% across 55 countries and territories.
In Australia, all capital cities recorded double digit growth with Hobart taking out the top spot at 14th, and all except Brisbane have placed in the top 50 of the index.
Canberra follows Hobart at 15th with 23.5% of growth over the last 12 months.
The Canadian city of Halifax leads the index overall this quarter with price growth of 30.8% per annum. Some 57 (38%) of the 150 cities tracked saw prices rise by 10% or more over the 12-month period.
Download the Global Residential Cities Index to read more.