{"id":9390,"date":"2020-09-22T14:52:52","date_gmt":"2020-09-22T07:52:52","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9390"},"modified":"2021-06-04T15:41:58","modified_gmt":"2021-06-04T08:41:58","slug":"house-price-growth-in-australia-ranks-among-top-20-in-the-world","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/house-price-growth-in-australia-ranks-among-top-20-in-the-world\/","title":{"rendered":"Australia ranks among top 20 in the world for house price growth"},"content":{"rendered":"

Despite the damages caused by the outbreak, the Land Down Under still managed to snag a s<\/span><\/span>pot<\/span><\/span><\/p>\n

\"\"
Melbourne CBD from Southbank. GordonBell\/Shutterstock<\/figcaption><\/figure>\n

As the rest of the world deal with the declining state of the property market<\/span>, Austr<\/span>al<\/span>ia<\/span>\u00a0has managed to\u00a0<\/span>somehow recover\u00a0<\/span>despite\u00a0<\/span>the pandemic<\/span>, reporting\u00a0<\/span>a 6.1 percent house price growth in the past 12 months to June 2020<\/span>.<\/span>\u00a0<\/span><\/p>\n

According to the global index\u2019s second-quarter analysis by <\/span>Knight Frank, this\u00a0<\/span>improvement has earned them the 19<\/span>th<\/span>\u00a0<\/span>out<\/span> of 20 spots, surpassing<\/span> 29 other countries and territories <\/span>around the world<\/span>.<\/span>\u00a0<\/span><\/p>\n

In June last year, th<\/span>e country witnessed a\u00a0<\/span>whopping negative 7.4 percent growth<\/span>, which pushed them <\/span>back<\/span>\u00a0<\/span>to<\/span> the last place.\u00a0<\/span>Fortunately in the March quarter of this year, the booming housing market in Sydney and Melbourne\u00a0<\/span>boosted the country\u2019s rankings,\u00a0<\/span>placing<\/span>\u00a0them at the 10<\/span>th<\/span>\u00a0spot in the world.<\/span>\u00a0<\/span><\/p>\n

Shortly after,\u00a0<\/span>between April and June, the price growth declined again by two percent<\/span> because of lockdown restrictions, which is why they landed at the 19<\/span>th<\/span>\u00a0spot by the end of the June quarter.<\/span>\u00a0<\/span><\/p>\n

Michelle Ciesielski, the head of residential research Australia at Knight Frank\u00a0<\/span>tol<\/span>d\u00a0<\/span>Domain<\/span><\/a> that the ranking will drop further<\/span>\u00a0since Melbourne remains closed during the normally busy spring auction season.<\/span><\/p>\n

More: Prices for luxury residences in Australia soar, undeterred by global outbreak<\/a><\/strong><\/p>\n

Even<\/span>\u00a0<\/span>though the<\/span>\u00a0outbreak has made it difficult for\u00a0<\/span>Knight Frank\u00a0<\/span>to collect data,\u00a0<\/span>having received only 29 results out of 56 countries, Michelle shared that<\/span>\u00a0“the data still offers a glimpse into the impact of COVID-19, with a number of countries and territories seeing a decline in prices increasing again.\u201d<\/span>\u00a0<\/span><\/p>\n

Despite falling to the 19<\/span>th<\/span>\u00a0spot, she added that Australia managed to do well\u00a0<\/span>as opposed to other countries <\/span>since the lockdowns imposed during the second quarter were<\/span>n\u2019t as long or as severe.<\/span>\u00a0<\/span><\/p>\n

\u201cIt can also be attributable to the state of the housing market prior to the pandemic, with Australia\u2019s market strong heading into 2020 with demand high and stock levels low,\u201d she said.<\/span>\u00a0\u201cThis could hold the Australian market in good stead for a recovery next year when all capital cities were out of lockdown and open borders.\u201d<\/span>\u00a0<\/span><\/p>\n

Australia\u2019s housing market may have not remained stable throughout the\u00a0<\/span>past 12 months<\/span>,<\/span>\u00a0but it did remain as resilient as ever<\/span>.<\/span>\u00a0<\/span>This positive outlook\u00a0<\/span>on the\u00a0housing market\u00a0<\/span>has enabled the distinguished winners of the\u00a0<\/span>2019\u00a0<\/span>PropertyGuru<\/span>\u00a0Asia Property Awards (Australia)<\/span>, namely<\/span>\u00a0UEM Sunrise,\u00a0Weston Property Developments<\/span>\u00a0and\u00a0Fife Capital Group<\/span>\u00a0to\u00a0<\/span>rise above the damages inflicted by the pandemic and look forward to what\u2019s to come<\/span>.<\/span>\u00a0<\/span><\/p>\n

Winners of the\u00a0<\/span><\/i>PropertyGuru<\/span><\/i>\u00a0Asia Property Awards (Australia)\u00a0will be announced on\u00a04 December\u00a02020. To find out which developers or projects will receive prestigious distinctions, visit\u00a0<\/span><\/i>asiapropertyawards.com\/en\/award\/asia-property-awards-australia\/<\/span><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the damages caused by the outbreak, the Land Down Under still managed to snag a spot<\/p>\n","protected":false},"author":9,"featured_media":20740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[854,149],"class_list":["post-9390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-asia-property-awards-australia","tag-australia","news_country-australia","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nAustralia ranks among top 20 in the world for house price growth | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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