Australia best in the world for house price increases

Australia was the world's leading country with regard to house price increases in 2010, new figures have shown.

The news could inspire a number of Aussies to compare home loans with a view to purchasing a new property as an investment.

According to the latest Global Real Estate Trends study by Scotiabank in Canada, Australia saw significant house price rises over the last 12 months, the Australian Associated Press reported.

However, due to the likelihood of interest rate hikes in the country, the market is expected to slow in 2011.

Figures from the report revealed that on average, house prices across Australia increased by 9.4 per cent in 2010, much higher than second-placed France with 6.8 per cent, which was followed by Sweden and Switzerland with 5.6 and 4.7 per cent respectively.

The report also showed that a number of nations saw house prices drop including Spain, which saw a 5.2 per cent fall, Japan with a decline of 2.8 per cent and the US which saw prices dip by 0.4 per cent.

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