Wellington NZ

PHOTO: Wellington, New Zealand. FILE

According to Knight Frank’s Global Residential Cities Index Q3 2022*, the top ten price declines occurred across New Zealand, China, Australia, Europe, and South America.

  1. Wellington, down 17.3%
  2. Auckland, down 11.2%
  3. Buenos Aires, down 9.8%
  4. Hong Kong, down 7.1%
  5. Wuhan, down 6.1%
  6. Tianjin, down 4.4%
  7. Zhengzhou, down 3.9%
  8. Sydney, down 3.6%
  9. Darwin, down 3.1%
  10. Aberdeen, down 2.4%

World’s top ten cities for house price rises

House prices skyrocketed, with the top three cities seeing shocking price surges of over 100%**. While the top three cities were all in Turkey, the remainder were scattered across Florida, South Australia, the Middle East, northeastern Europe, and Iceland.

  1. Istanbul, up 212.1%
  2. Ankara, up 196%
  3. Izmir, up 185.8%
  4. Miami, up 28.6%
  5. Riyadh, up 25%
  6. Vilnius, up 25%
  7. Tallinn, up 23%
  8. Adelaide, up 21.3%
  9. Skopje, up 21.2%
  10. Reykjavik, up 20.7%
  • The rankings are by annual percentage change between Q3 2021 and Q3 2022. The rankings track average residential prices. The index tracks nominal prices in local currencies. The report noted some data is from Q2 2022.

** Knight Frank also has the Global House Price Index which has real price growth adjusted for inflation. Despite that, Turkey remains at the top with the adjusted figure an annual percentage change of 57.6%, well above all other cities.


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