Australian homes have risen in price faster than every other country in the world except Britain.
The revelation comes in a new report from real estate firm CBRE which charts the performance of the property market in cities all over the world. Over a 30-year period, prices in Australia have increased 221.4%; UK prices rose 231.9%.
In contrast the US market has seen price rises of just 53.2%; mainland Europe’s biggest economy Germany has seen prices decline 7.8% over the period; Japan is down 14.5%. Population growth, immigration and under-supply of housing are all factors in the Australian price rises.
The report also ranks Sydney as the fourth most expensive city for apartments behind London, New York and Hong Kong.