Israel is leading the world in a residential house price recovery but Australia scrapes in at number 10, according to the 2009 Knight Frank Global House Price Index. In the second quarter of 2009, Australia actually recorded the second highest rise in the world, with a price increase of 4.2 per cent.

“On an annualised basis, prices were down 1.4% in Australia but the quarterly turnaround from quarter one to quarter two was 4.2% - the second highest change in the world,” says National Director Research Matt Whitby.

"Further falls are always a possibility while credit flows remain constrained and the global economy struggles to recover from recession, but it does appear that the worst is behind us."

The Global House Price Index showed:

1. Israel, up 12.5% from Q2 2008 to Q2 2009
2. Switzerland, up 6.1% from Q2 2008 to Q2 2009
3. Indonesia, up 2.1% from Q2 2008 to Q2 2009
4. Jersey, up 1.5% from Q2 2008 to Q2 2009
5. Luxembourg, up 0.8% from Q2 2008 to Q2 2009
6. Belgium, up 0.2% from Q2 2008 to Q2 2009
7. Hungary, down 1.1% from Q2 2008 to Q2 2009
8. Germany, down 1.3% from Q2 2008 to Q2 2009
9. New Zealand, down 1.3% from Q2 2008 to Q2 2009
10. Australia, down 1.4% from Q2 2008 to Q2 2009

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