Property values are falling, but real estate values are rising, according the annual Real Estate Institute of Australia survey.
In the first full-year of the global financial crisis, the UK property market is still outperforming other countries, according data from the Institute.
The report found that real estate in the UK has increased by almost 2 per cent over the past year, and is now worth £1.3 trillion ($2.1 trillion).
The Institute says the UK is the most highly valued land market in the world, and it predicts that real property values will continue to increase over the next two decades.
Property value fell 1.2 per cent last year and is down 4.1 per cent in the past two years, the institute said.
Property prices in the US, meanwhile, rose 1.5 per cent to $4.4 trillion in the year to December.
That was the highest level since the mid-1990s.
It also showed a 10 per cent increase in the value of houses, which rose 7.5 to $2.5 trillion.
US house prices rose by more than 20 per cent, but the Institute said they still fell short of the UK’s national average.
The Institute also found that the UK housing market has seen a sharp decline in new listings, and that the number of vacant properties rose by nearly 1,000.
There was a fall in new home sales of 7.2 percentage points over the same period.
The property market in Britain is set to contract by 1 per cent this year, the Institute predicts.
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Australia: Property values fall in WA, NT but rise in Victoria, NT, SA and NT.
Australia’s property market fell 0.6 per cent compared to the previous year, according a report released on Thursday by the Australian Institute of Commerce.
It says that while the average house price in the country was still about $1.1 million, property values in the state of Victoria fell 2.3 per cent from 2015, according an analysis by the institute.
The index was calculated using real estate data from 2016.
The WA house price index fell by 0.9 per cent year-on-year in the 12 months to June.
The NT house price fell by 2.2 points, the NT home price by 4.6 points and the WA by 5.2.
The institute said there is also evidence that some of the largest property developers in Australia are starting to realise the benefits of low property prices.
“We see some big companies are beginning to see this trend as a positive for the property market,” the institute’s managing director, James Smith, said.
“We think there is a good possibility that some or all of these companies will be able to reduce their operating costs to the extent that they no longer need to take on additional staff and costs to maintain their properties.”
The Institute also said there are signs that Australia’s property bubble has begun to burst.
The report said the rise in the housing market in Victoria had the potential to lead to an increase in home prices, and a fall for the Australian dollar.
In New South Wales, the state has seen an increase of 7 per cent since the previous 12 months, but property prices have fallen by 2 per-cent in the same time.
“The fact that the median house price is so high in New South, that has created an opportunity for property developers to go and build houses on the low end of the market, which is something we’ve seen in other parts of the world,” Smith said.
New South Wales has also experienced a rise in house prices over the last year.
The median house prices in 2016 were $1,500,000 in the region, up from $838,000 the previous financial year.
Meanwhile, in Victoria and the NT, house prices fell 0,1 per- cent, the report said.
In New South Australia, the median price fell 6.2 cents in 2016, from $1 million in the previous six months.
In Queensland, house values fell 0 per-year for three consecutive years, with the median value dropping 0.3 cents over the period.
However, the property bubble in Queensland is continuing to burst, with prices falling by nearly 5 per cent annually in 2016.
In South Australia and the ACT, house price growth slowed to a mere 0.2-cent a year from 2015 to 2016.
Property values in SA also fell by less than 0.1 cent in 2016 and have fallen in the last two years.
It’s important to note that while property values are not the only measure of a country’s economic strength, they are a useful way to gauge whether the economy is growing or contracting, said Mark Taylor, head of research at Australian Institute for Economic and Business Research.
‘Low rates of growth and high rates of deflation are
