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A new global report has revealed Australia's house and unit values have more than tripled since 1975.
Australian prices have risen faster than any other housing market in the world, except Britain, during the past 30 years, according to the Global Living Report from property group CBRE.
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Australian house prices have risen 221.4 per cent since 1975, while British house prices have increased 232 per cent.
They are followed by Ireland at 185.5 per cent, Belgium at 174.4 per cent, France at 147.0 per cent and Norway at 144.6 per cent.
CBRE's Australian research head, Stephen McNabb, told the Australian Financial Review that a chronic undersupply of new housing, continued population growth and strong immigration numbers are the key influences behind fast-growing Australian capital values.
Mr McNabb also said a degree of financial stability during the GFC also supported Australian housing values at a time when many other countries suffered price falls.
"The Australian economy and sound position of the financial system and the banks has supported capital appreciation without an extreme period of deleveraging in the household sector, which affected asset values in Europe and the US during the GFC," he said.
The report also revealed that Sydney is now the fourth-most expensive city in the world for new apartments, which cost $3,296 per square metre. London leads the way at $3,662 per square metre.
Japan and Germany are the only two developed countries to suffer house price falls in the past 30 years. Germany's capital values fell by 7.8 per cent and Japan's fell by 14.5 per cent.
