Increasing Prices Experienced Across Other Countries
The price of houses has been increasing over the years, from 2003 to 2016 at an average of 71%, which is higher than that of the 47% increase in the United States. The fact that the United States had one of the major housing bubbles in history at the same time, however, Canada’s real estate bubble is putting that of US’s own to shame. Other countries like Australia, the United Kingdom, and New Zealand are experience fizzled prices in their real estate sector.
From the four countries mentioned, Australia seems to be the place with the most expensive homes. The price of an average home is Australia has gone up by 65% since 2003 (AUS$623,000 – USD$475.165). New Zealand prices went up by 84%, which was the highest incline of prices. An average house will now be on sale for (NZ$612,527 – USD$443,797). The United Kingdom, on the other hand, has had the worst return in local legal tender, with prices receiving an increase of 55%.
There is much debate but consensus about why the price of houses keeps on increasing at a rapid pace is hard to come by. Most people still are hopeful about the real estate markets in London, Sydney, Auckland and Vancouver.