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7.7% increase in Australian property prices over last year

Property prices in Australia grew by an average of 7.7 per cent during the 12 months leading up to March 2017, new data shows.
This is according to the most recent edition of the Knight Frank Global House Price Index, which demonstrates that house prices down under increased markedly in the first part of this year, leading to the nation moving up 17 places in the rankings.
Australian property prices rose by just 3.5 per cent last year, with the country sitting in 37th place out of 55 on Knight Frank's global list.
However, thanks to a boom in the nation's property market in the first three months of 2017, Australia has climbed to 20th place in the rankings, with annual house price growth coming in ahead of the global average of 6.5 per cent.
Speaking to industry publication Domain, Michelle Ciesielski, head of residential research in Australia at Knight Frank, explained: "The past five years to March 2017 saw global capital growth average 2.9 per cent per annum, which is considered to be sustainable property growth.
"But recent global instability and unrest has seen many investors investing their funds into not only safe haven countries, but safe asset classes such as property. As a result, we saw 6.5 per cent annual growth in the global housing market."
Overall, Iceland was the country that experienced the greatest average property price growth from March 2016 to March 2017, with a rate of 17.8 per cent. Hong Kong came in second place with house price growth of 14.4 per cent over the course of the year.
One year ago, just four countries achieved double-digit growth for this metric, but this rose to nine in the latest index.

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