Recent price gains in Australia’s two largest capitals may have triggered speculation regarding a potential bubble but, according to a new report, the real property booms are happening overseas.

Australia was placed 10th in a global ranking of house price growth, as per the table below.

Knight Frank’s head of research for Asia-Pacific Nicholas Holt said that economic concerns in China would continue to cause jitters throughout the region, but the impact on housing markets would be complicated.

“On the one hand, economic growth is a key indicator for future house price performance; while on the other, property in times of economic turbulence has been seen as a safe haven and a postponement of an interest rate rise hike in the US will continue to provide many markets with a low cost of debt,” he said.