Our latest round-up shows that prices are on the rise in most markets…

THIS time last year, The Economist’s survey of global house prices was a sea of negative numbers. That was then. Of the 20 markets tracked in our latest survey, only four still posted year-on-year declines and only Ireland’s property catastrophe has worsened. (America’s FHFA index, which excludes houses that are financed with large mortgages, was also down, but the country’s Case-Shiller national and ten-city indices rose modestly.)

Asia’s price rises lead the way, as they did when the data were last published in July. Singapore, Hong Kong and Australia boast the gaudiest year-on-year price increases, even if the rate of appreciation is down a bit from the summer. House prices in China rose by 9.1% in the year to September, compared with a 12.4% rise in May. That is still too fast for the government, which unexpectedly raised interest rates on October 19th and has outlined more measures to cool the market in recent weeks, including higher down-payment requirements and the introduction of a property tax in some cities.

Our analysis of “fair value” in housing, which is based on comparing the current ratio of house prices to rents with its long-run average, suggests that China has less to worry about than the likes of Australia, which is again the most overvalued of the markets we track. That makes it all the more surprising that Australia’s central bank opted not to increase its benchmark interest rate this month.

Europe shows a familiar split between core countries and peripheral ones. Ireland, Spain and Italy continue to suffer year-on-year price declines; German and French homes have shown big gains in value over the past year, a particular turnaround for France since our previous round-up. The British housing sector’s talent for defying gravity may be on the wane. The pace of annual appreciation in the country’s property market has slowed over the summer. British housing is still overvalued—outright falls may loom.

America’s housing market, almost alone among those which experienced a big bubble, is more or less fairly valued at this point, at least according to price-to-rent ratios. But price rises may not last for long. Earlier gains were driven by substantial reward programmes and government subsidies, many of which have now lapsed. America’s overhang of housing inventory may get worse if concerns over lenders’ foreclosure processes jam up sales. The temptation for the country’s 11m underwater borrowers to walk away is another threat (see Economics Focus). And being at or below fair value is no guarantee of a bounce in prices: Japanese housing fell by 4% in the year to the end of the first quarter, despite being stuck far below its long-run price-to-rents ratio.

Report by Finance and Economics – The Economist.

Fifth Avenue is situated in the centre of the borough of Manhattan in New York City. The Avenue starts at Washington Square Park in Greenwich Village and runs in a northerly direction through the heart of Midtown along the eastern side of Central Park. It then becomes part of the boundary of the Upper East Side and ends at the Harlem River at 142nd. Street.

The Avenue has many spectacular and famous landmarks and is lined with luxury retail stores. It has some of the most expensive real estate in the United States.

A 800 square foot one bedroom condo can cost a million dollars upward, go get!

Find out more about real estate in New York.

Vancouver is a coastal city situated in British Columbia, Canada. The city has a high population density relative to other North American cities. Vancouver is characterized by high rise residential and commercial buildings. In Mercer Consultings annual “Quality of Life” survey, Vancouver was voted the 4th. best place in the world to live. Vancouver has the highest property prices in Canada and after Toronto it’s the most expensive city to live in.

Average House Prices in Canada, (September 2009) Canadian Dollars

Vancouver $611,000
Toronto $407,000
Calgary $395,000
Montreal $285,000
Halifax $234,000

Get more info on Real Estate in Canada and Worldwide.

Sydney is the largest city in Australia and is the capital of New South Wales. It has a population of 4.5 million and  is also called the “Harbour City”. The city is built on hills surrounding the beautiful harbour and is famous for its bridge, opera house and fantastic sun drenched golden beaches. It also has many national parks, rivers, bays and inlets.

The average price of a house in Sydney city, is Aus.$600.000.

One of the best areas to live, is in the north area of the city, this is made up of 3 districts…

Lower North
This is situated nearest to the city centre, just across the bridge. The average price of a house here is a million Australian Bucks. Because of high house prices, most people here opt for apartment living.

Northern Beaches
House prices here average at Aus.$800.000, most of them are detatched. This district is home to lots of British and New Zealanders.

Upper North Shore
Aus.$600.000 is the average price here. The suburbs here are inland and around half are detatched. It’s a popular area for British and Asian immigrants.

Find out more about Property & Real Estate in Australia and Worldwide.