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Sydney property prices among to...

Sydney property prices among top 5 global cities

Sydney is one of five main cities that have shown strong property growth across the globe this year. Its real estate has increased by 20 per cent over 12 months from September 2014, but there were still other markets that performed even better.

Currently, Sydney ranks fourth out of 165 cities in the world that are showing impressive property values, reports Domain.

Data from the Australian Bureau of Statistics Residential Property Price Indexes from 2014 to 2015, shows that Sydney's high rates are set to continue.

The Chinese city of Shenzhen, which was up 47.5 per cent over the same time period, was the top performer overall.

All of these figures have been taken from Knight Frank's Global Residential Cities Index and Kate Everett-Allen, author of the report, says that Shenzhen owes its strong performance on the "back of policy restrictions, which boosted market performance".

She added: "Shenzhen is fast-becoming one of China's key technology hubs, its population of ten million has an average age of 30."

Impressively, five of Australia's capital cities were posted in the global top 100, only a couple saw a decrease and although Hobarth reported an increase of 1.7 per cent, the high rates of other cities caused it to drop out of the top 100.

The other four cities that made the list were Melbourne, Canberra, Brisbane and Adelaide, which all grew by around four per cent each over the year between 2014 to 2015.

Auckland and Istanbul took second and third place in the growth values, recording 25.4 per cent and 25 per cent, while Shanghai took the last slot in the top five with an annual increase of 18.2 per cent.

In terms of world regions, the Australasian continent grew by 6.7 per cent, which saw it just behind Africa, which saw an uptick of 8.8 per cent.

Although a couple of the country's cities saw a decline in value, such as Darwin and Perth, overall property performance is looking strong.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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