Australian property market is 'one of the best-performing in the world'

Individuals looking for property in Australia may be encouraged to hear that the country has one of the best-performing property markets in the world.

According to the latest Knight Frank price index, the country has been enjoying a 20 per cent price increase over the course of the last year.

This increase was a result of low interest rates, the government's first-time buyer grant and population growth.

Knight Frank rated Australia as the fourth best real estate market for price growth, coming behind China, Hong Kong and Singapore.

"With interest rates now rising, the government withdrawing stimulus and the supply response picking up, we expect house prices to slow over the next six to nine months," Liam Bailey, head of residential research at the estate agent, explained.

Figures for the country's price growth were taken from data provided by the Australian Bureau of Statistics.

The latest Residential Property Prospects Report from BIS Shrapnel has suggested that real estate values in the country are likely to begin to level off.

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