Hobart Australia’s Frontrunner In Global Cities Index

Hobart’s dramatic home price rise has lifted it to the top 20 of Knight Frank’ Global residential Cities Index – outranking all other Australian capitals in terms of growth.

While much of the headlines this year have been fixated on Sydney’s price rise, the Tasmanian capital’s 24.6% growth in home prices during the year to June lifted it to 14^th place from 23rd on the global ranking of 150 cities by annual price change.

The Canadian city of Halifax topped the list with a 30.8% price rise in the last 12-months to June while other Canadian cities Hamilton and Ottawa also made the top 10 as Canadian housing supply levels hit low levels.

Sydney, not to be left out, climbed from 55 in March to finish at 28 – reflecting the city’s annual growth from 8.6% in the first quarter to 18.7% in the second.

The NSW capital’s current median value for dwellings surpassed $1 million in June and has risen another $16,500 over the month of September.

Around the country, Melbourne and Brisbane also saw ascendant moves from 70^th to 89^th on the index to 44^th and 54^th on the list respectively.

Canberra climbed the global rankings up from 17^th to 15^th  — just behind Tasmania – with a 23.5% lift in property values.

The report also puts the price movement of local cities in a global context and shows the slowdown affecting other markets globally.

A look back at 2016’s report shows 15 Chinese cities averaged 23% growth year-on-year when tracked by Kight Frank’s index. Today the only Chinese city to break 10% growth was Guangzhou.