Property Price Review; The Movers in Asia-Pacific
Property reports from Global Property Guide show that Q2 2007 property prices in the Asia-Pacific region are booming.
After an eight year low Singapore has recovered as the Asian leader in the property price growth index, with a massive 21% rise in Q2 2007 from a low 6% in Q2 2006.
Strong economic growth and a continuous inflow of funds from overseas Filipino workers, has inflated property prices in the Philippines from 8.5% in 2006 to 14% in Q2 2007. After a 15-year lull in property prices, Japan’s six major cities have seen both land and property prices surge by 7.8%.
The worldwide increase in the cost of construction materials has boosted house prices in Brunei over the past year by an overall estimate of 5%. The steady increase in both property and land prices begun in 2006 with business districts emerging as the best areas to buy.
High interest rates, which are linked to US rates, have not dampened property prices in Hong Kong. A 0.7% decrease in 2006 has been turned around to an 8.8% increase, which is set to rise further for the next quarter due to an interest rate cut in the US.
High interest rates put in place in November 2006, have not affected the Australian housing market as prices have increased yearly at a rate of 7% until Q2 2007 where prices rose to 9.5%. In addition, New Zealand's house prices rose by 12%, regardless of the Reserve Bank of New Zealand attempting to moderate the sharp increases. Mortgage interest rates however, shot up 10.54% in August last year, reflecting the highest rates seen since 1999.
After an eight year low Singapore has recovered as the Asian leader in the property price growth index, with a massive 21% rise in Q2 2007 from a low 6% in Q2 2006.
Strong economic growth and a continuous inflow of funds from overseas Filipino workers, has inflated property prices in the Philippines from 8.5% in 2006 to 14% in Q2 2007. After a 15-year lull in property prices, Japan’s six major cities have seen both land and property prices surge by 7.8%.
The worldwide increase in the cost of construction materials has boosted house prices in Brunei over the past year by an overall estimate of 5%. The steady increase in both property and land prices begun in 2006 with business districts emerging as the best areas to buy.
High interest rates, which are linked to US rates, have not dampened property prices in Hong Kong. A 0.7% decrease in 2006 has been turned around to an 8.8% increase, which is set to rise further for the next quarter due to an interest rate cut in the US.
High interest rates put in place in November 2006, have not affected the Australian housing market as prices have increased yearly at a rate of 7% until Q2 2007 where prices rose to 9.5%. In addition, New Zealand's house prices rose by 12%, regardless of the Reserve Bank of New Zealand attempting to moderate the sharp increases. Mortgage interest rates however, shot up 10.54% in August last year, reflecting the highest rates seen since 1999.
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