House price growth rates in Canberra, Hobart, Darwin and Adelaide are among the top third for cities across the world, according to a new report, but lag the world’s best.

The Global Residential Cities Index from Knight Frank has compared price growth in 150 cities in the March Quarter. On average, urban house prices rose 7.4% annually across the world, the highest since 2007, with 43 cities registering growth rates above 10%, led by two cities in Turkey – Izmir (34%) and Ankara (30%).

Wellington in New Zealand, Seoul in South Korea, Halifax in Canada, Moscow in Russia and Phoenix in the US also made the top 10 rankings for annual growth.

In Australia, Canberra had the highest annual growth of 15.7%, which bumped it up to 17th place in the index. Hobart’s growth rate of 13.8% placed it 23rd internationally. Darwin, with 10.8%, was in 41st place, while Adelaide was 44th, with its rate of 10%.