Knight Frank's latest global house prices index has provided a bit of perspective on the red hot residential property markets of Australia's capital cities.
There was a 7.3% average change in prices across 56 countries and territories, with Turkey experiencing the highest rate of annual price growth in the year to the first quarter of 2021 at 32%.
This was followed by New Zealand with 22.1%, Luxembourg with 16.6%, Slovakia with 15.5% and the United States with 13.2%.
Australia ranked 18th on the list countries with the highest annual growth rates, experiencing an 8.3% increase in the year.
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However, Australia's housing market is still running hot led by the markets in Perth, Sydney and Canberra, according to Knight Frank.
While the one-year growth rate was behind many nations, the six month growth rate in prices of 8.7% constituted the fourth fastest growing market globally.
"One year on, Australia's residential market has proved particularly resilient despite a global pandemic, with house price growth of 4.1% in Q3 2020 faring much better than many other countries and territories which experienced stricter lockdowns," Knight Frank head of residential research for Australia Michelle Ciesielski said.
"Since then, Australian house prices have been heating up with the 8.7% growth over the six-month period the fourth fastest rate of growth globally - behind only Lithuania, New Zealand and Turkey."
The last time Australia's mainstream market saw double-digit growth was in September 2017 with 10.2%,she said.
"Australia is on the verge of reaching this status once again, with the cities dominating Australia's price growth of Perth, Sydney and Canberra likely to each record double-digit growth by the end of the year," Ciesielski said.
"In recent weeks, we've seen some stability in Australia's mainstream property market with many buyers reaching their borrowing capacity under the responsible lending regime and simply being priced out once again from the major capital cities.
"Although we need to be mindful we're only days into the winter season, there is enough fuel for house price growth to be fired up again in the spring selling season by investors returning to the market, encouraged by low mortgage lending rates, three more months of savings and a strengthening economy."