In the table below showing The Economist's house price indices, South Africa is ranked second. Interestingly last year's winner, Australia, has fallen to eighth place. In fact the Commonwealth Bank of Australia calculates that house prices nationwide have fallen at an annual rate of 13% this year. The market in England is also softening but the party continues in Spain, the Netherlands, France, Italy and Belgium.
Japan brings up the rear and after 13 straight years of decline the average prices of residential land now match those last seen in 1986, while commercial land prices match those of pre-1975 levels, which is a sobering thought.
|% change:||on a||year earlier|
|Q2 2004*||Q2 2003||1997-2004|
See External Shocks