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Global housing markets falter

Global housing markets falter

30 Jun, 2011 - 2 min read

June 30, 2011

It’s not just the Australian property market that’s in a rut. According to the Knight Frank Global House Price Index, in the first quarter of 2011, house prices rose 1.8 percent globally, compared with 3.3 percent in the final three months of 2010. The figures represent the lowest growth since the end of 2009.

Over the past 12 months, Asia and North America experienced the highest and lowest growth respectively.The Asian market grew 8.4 percent, down from 17.8 percent in the previous year, while home values in North America fell 0.4 percent over the 12-month period.

So what does it all mean? According to a spokesperson from Knight Frank, the data is not surprising and can be attributed to a worldwide slump in economic performance in the first quarter of the year in which 50 percent of countries experienced flat or negative growth.

In 2010, only 38 percent of the world’s nations fell into this category.

The Knight Frank report also said that the current downturn in the global property market would continue and that the slowdown would peak in last three months of this year.But the news is not all bad, with slow but steady recovery predicted in 2012.

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This article is over two years old, last updated on June 30, 2011. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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Laine Gordon

Head of Public Relations

Laine Gordon is the Head of Public Relations at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.