Hobart Australia’s Frontrunner In Global Cities Index
The southern city outranked the country’s more populous capitals.
The southern city outranked the country’s more populous capitals.
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 14th 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 70th to 89th on the index to 44th and 54th on the list respectively.
Canberra climbed the global rankings up from 17th to 15th — 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.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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This stylish family home combines a classic palette and finishes with a flexible floorplan