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House price index

22 September 2004

In the table below showing The Economist's house price indices, South Africa is ranked second. Interestingly last year's winner, Australia, has fallen to eighth place. In fact the Commonwealth Bank of Australia calculates that house prices nationwide have fallen at an annual rate of 13% this year. The market in England is also softening but the party continues in Spain, the Netherlands, France, Italy and Belgium.

Japan brings up the rear and after 13 straight years of decline the average prices of residential land now match those last seen in 1986, while commercial land prices match those of pre-1975 levels, which is a sobering thought.

The Economist's house price indices
% change: on a year earlier
Q2 2004* Q2 2003 1997-2004
Hong Kong 28.7 -17.1 -55
South Africa 25.5 19.5 168
New Zealand 22.1 15.5 51
Spain 17.2 18.7 125
France 14.5 12.9 68
Britain 13.8 17.6 132
Ireland 11.1 13.8 181
Australia 10.9 18.1 110
Italy 10.8 10.6 62
China 10.4 2.1 na
Sweden 10.0 7.0 77
United States 9.4 6.5 57
Belgium 8.2 4.8 50
Canada 7.3 6.9 42
Denmark 5.0 2.9 44
Netherlands 3.9 0.5 74
Switzerland 2.1 2.7 11
Singapore -0.8 -1.4 na
Germany -1.7 -4.5 -3
Japan -6.4 -4.8 -24
*Or latest
Source: The Economist

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