Australian home values have grown faster than any other market except the UK over the last three decades, according to real estate group CBRE.
The Global Living report shows Australian and UK values have more than tripled since 1975.
Australia grew at 221.4%, behind the UK on 231.9% and ahead of Ireland on 185.5%. Japan was a negative 14.5% for the 30 years.
Fairfax Media reports undersupply of new housing, continued population growth and strong emigration numbers are key influences behind Australian values, according to CBRE Australian research head Stephen McNabb.
“Under-building [has been] more prevalent over the past 10 years, combined with relatively strong population growth,” Mr McNabb told The Australian Financial Review.
Australian home prices are currently narrowing and slowing.
Property prices rose another 1% in October, according to the RP Data CoreLogic Home Value Index. However, the rate of growth is narrowing with only Sydney, Melbourne and Brisbane reporting price rises on a one-month basis and only Adelaide joining the price rise club on a three-month basis.
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