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New Zealand’s house prices up 15% y-o-y: Knight Frank

By Valerie Kor

/ EdgeProp Singapore |

December 14, 2020 4:43 PM SGT

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SINGAPORE (EDGEPROP) - According to Knight Frank’s Global House Price Index, which tracks the movement in mainstream residential prices across more than 50 countries and territories worldwide, average home prices globally grew between 4% and 5.5% in 3Q2020.

New Zealand, the UK and the US have witnessed a sharp rebound in sales and prices in 3Q2020. On the other hand, Singapore, Hong Kong and Spain saw negative price growth and countries such as China, France and Germany only saw a marginal impact on pricing.

Turkey leads the index for the third consecutive quarter, with annual price growth of 27% due to more from the Middle East and a buoyant economy. However, after adjusting for inflation, the annual price growth is around 13%. New Zealand jumped from 11th to second place between 2Q2020 and 3Q2020 as the country saw demand increase after the lockdown lifted. Home prices increased 15% y-o-y and residential sales totalled 8,618 in 3Q2020, a 41% increase y-o-y.

Read more: Knight Frank sets up dedicated Asia transactions team

Despite a 0.1% increase in Singapore m-o-m, home prices have declined 0.8% y-o-y.

The percentage of markets registering a fall in prices y-o-y is climbing, up from 2% in 1Q2020 to 16% in 3Q2020. Prices in Morocco, Hungary and India dipped the most between 2.4% and 3.3% y-o-y.

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