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Australia named one of world's best property markets

06-18-2010 16:43 BJT

CANBERRA, June 18 (Xinhua) -- Australia is the fourth-fastest- growing property market in the world after a 20 percent price jump in the past year, Australia's media reported on Friday.

The stellar growth in property values was driven by a combination of a 40 year low in interest rates, the increased first home buyer's grant and population growth, according to a survey of 47 countries by international real estate agent Knight Frank.

The survey ranked Australia as the world's fourth best for price growth.

"With interest rates now rising, the government withdrawing stimulus and the supply response picking up, we expect house prices to slow over the next six to nine months," Liam Bailey, head of residential research at Knight Frank told Ninemsn.

China was the top performing country with house prices gaining 68 percent in the year to March 2010 with Hong Kong and Singapore taking second and third places respectively.

The entire Asia Pacific region was the biggest grower globally with house prices increasing by 17.8 percent.

"The top four positions in our rankings are all occupied by Asia-Pacific locations, whilst Europe dominates the bottom half of the table," Bailey told the Sydney Morning Herald.

Europe did not fare so well, dominating the bottom half of the table. Estonia dropped by 40.3 percent in the year to March 2010 with the Ukraine and Lithuania being other notable losers.

House prices in the United Kingdom rose by a less than impressive 8.8 percent for the same period.

Knight Frank's study was based on the Australian Bureau of Statistics' House Price Index, which critics have claimed overstates property price growth.

Editor:Xiong Qu |Source: Xinhua

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