Auckland world's 21st most expensive city

  • 07/09/2016
Auckland's average house price last month hit $1 million for the first time
Auckland's average house price last month hit $1 million for the first time

Auckland has claimed an unwanted world title, having been labelled the city with the highest rate of house price growth.

No New Zealand city makes it into the top 10 of the world's most expensive cities in the latest Worldwide Cost of Living report, but when it comes to housing price increases over the past year, New Zealand is number one.

Singapore retains its crown for the third year in a row as the world's most expensive city, followed by Zurich, Hong Kong and Geneva, then Paris, London, New York, Copenhagen and Seoul.

Rounding out the top 10 is Lausanne in Switzerland.

Auckland comes in at 21st and Wellington at 29th.

The survey, by the Economist Intelligence Unit, looks at the cost of living in all cities taking into account food, fuel and salaries.

But in terms of the rate of growth in the housing market, Auckland tops the list worldwide, with 11 percent annual growth.

In a global ranking of house price growth conducted by real estate agents Knight Frank, New Zealand comes second to Turkey, but when adjusted for inflation, it tops the list.

Canada was the only other country with a price growth of 10 percent or more over the past year.

Most other hot property markets have seen a slowing over the past year, with Taiwan recording a 9.4 percent fall, putting it at the bottom of the growth rate list.

Auckland's average house price last month hit $1 million for the first time, with the QV house price index showing the typical Auckland home valued at $1,013,632 in August - a 15.9 percent increase over the year.

Knight Frank's survey shows internationally house prices have risen 4 percent over the year overall.

10. Lausanne, Switzerland 9. Seoul, South Korea 8. Copenhagen, Denmark 7. New York City, USA 6. London, UK 5. Paris, France 4. Geneva, Switzerland 3. Hong Kong 2. Zurich, Switzerland 1. Singapore

10. Germany 9. Mexico 8. Iceland 7. Austria 6. Malta 5. Sweden 4. Chile 3. Canada 2. New Zealand 1. Turkey

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