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Hobart Tops Australian List on Global Residential Cities Index

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Hobart has leapt to 11th place in the latest Global Residential Cities Index for Q4 2017, which tracks the performance of mainstream residential prices across 150 cities worldwide.

The Tasmanian capital beat out every Australian city on the list. Hobart’s 13.1 per cent growth in housing prices lifted it from 34th on the list last year to 11th on the global ranking.

The index, compiled by Knight Frank, measures the annual price change of houses and apartments.

Sydney is listed at 83rd place on the index with 3.8 per cent price growth in the year to December 2017 – down from 23rd on the index in the year to March 2017, when the city saw 14.4 per cent price growth. Canberra sits at 59th on the list with 5.7 per cent growth in the year to December 2017.

Related reading: Hobart’s Tourism Boom Drives Hotel Development

Melbourne came it at 21st with 10.2 per cent price growth, up from 24th place; Adelaide is at 87th on the index with 3.6 per cent price growth, Brisbane is at 100th place with 2.1 per cent price growth.

Adelaide came in at 87th on the index with 3.6 per cent price growth.

Berlin led the annual rankings for 2017 with 20.5 per cent growth over the year. Izmir, Turkey (+18.5), Reykjavik (+16.6), Vancouver (+16) and Hong Kong (+14.8) rounded out the top 5.

“There is a clear differentiation in the pace of property growth around Australia, with Sydney and Melbourne seeing prices moving towards a more sustainable level of growth,” Knight Frank’s head of residential research, Australia Michelle Ciesielski said.

Related reading: Australia 7th on Knight Frank's Global House Price Index

“The influence by APRA on the lending environment has certainly been felt with many investors retracting from the market on the east coast. This risk-adverse environment is likely to remain for some time given the current banking royal commission.”

The index found that global residential property prices grew 4.5 per cent in 2017, down from 7 per cent in 2016.

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Article originally posted at: https://theurbandeveloper.com/articles/hobart-tops-australian-list-on-global-residential-cities-index-