The famous real estate saying, it’s all about location, location, location, not only applies to our Australian market, but also at a global level. Where the global housing markets are in no way synchronized, making some countries rank better than others.
With this in mind, it is the perfect opportunity to review how the housing market in Australia stacks up to the world. So where do we stand?
Australia is tied third with Sweden at 11%, where our arch rivals and neighbours New Zealand rank as the hottest market in world at 13% for home price growth.
Our housing prices are extremely appealing, but how do we compare with the affordability in comparison to the world? Australia sits on third most expensive country at 9%, and New Zealand as the most expensive.
So, what country is the best value for money?
Interestingly, New Zealand is the hottest real estate market in the world, with housing prices reaching a growth of 13%, and the weakest being Italy at 3% decline. However, the best value for money be Denmark, where affordability is at -5% disposable income, with housing price growth at 6%.