Australian house prices continue to soar with new research revealing it is one of the top five countries in the world for house price growth in the past 12 months.

The Knight Frank Global House Price Index reveals Australian prices grew 19% in the past year, after eight consecutive quarters of price increases.

The report, which tracks house prices across 56 countries and territories, shows Australia is now fifth on price growth, behind Turkey (35%), South Korea (26%), New Zealand (20%) and Sweden (20%).

Knight Frank Australia Partner, Shayne Harris, says the impact of the pandemic on house prices in Australia is clear. He says the average annual growth from 2015 to 2020 was 4.4% which increased to 9.8% from the start of the pandemic.

“The last time Australia was in a top five position was at the end of 2015, prior to tightened lending restrictions being implemented,” he says.