Housing prices in Australasia rose the most last year, with both Australia and New Zealand seeing climbs exceeding 10 percent, while prices slumped in Singapore and Taiwan, Knight Frank said Friday.
The average 12.4 percent increase in housing prices in Australasia compared with a global average of 3 percent in the 55 housing markets tracked in Knight Frank's Global House Price index. Overall, housing price growth globally accelerated from a 2.3 percent increase in 2014, the report said.
Australia and New Zealand both ranked among the least affordable housing markets in the world when comparing house prices with income, according to the report, which used data from the Organisation for Economic Co-operation and Development (OECD).
Prices in Asia lagged, growing just 1.9 percent last year. While Hong Kong has long ranked among the world's most expensive housing markets, price growth there slowed to 7 percent in 2015 from 17 percent a year earlier, Knight Frank said.
"The slower rate of growth is attributable to rising supply (more than 11,200 homes were completed in 2015), as well as China's financial market volatility and the expectation of increasing interest rates," the report said.