Knight Frank has launched its Global Residential Cities and House Price research for Q1 2022.
The Global Residential Cities Index tracks the movement of average residential prices across 150 cities worldwide using official statistics, whilst the Global House Price Index tracks the movement of average residential prices across 56 countries and territories worldwide.
Global Residential Cities Index key findings:
Global House Price Index key findings:
Michelle Ciesielski, Head of Residential Research at Knight Frank Australia, says of the findings: “Australia’s mainstream residential price performance has been heavily influenced by smaller cities and regional areas which have continued in 2022 to record solid price growth, due to the relocation of families and digital nomads to more affordable locations, investors returning to the market seeking a better rental yield and by others buying holiday homes for their retirement plans in the coming years.”
“Australia’s three best performing cities for annual price growth at the end of Q1 2022 (Brisbane, Hobart and Adelaide) still have a $200,000 buffer between the median value of their city and Australia attracting first home buyers and investors from across the country. These top three ranked cities attracted an elevated population growth against the Australian average in 2021 and this was felt most in the rental space, given many people moving to a new area tend to rent before making a purchase.”
“As result, total vacancy ranged well below the 2.8% Australian average, from 0.5% and 0.9%, as the rise in weekly rents outstripped the Australian average of 8% recording a rental growth range of 8.5% to 12.8% at the end of Q1 2022.”