Australia's property market rebounds

Housing markets around the world are mostly in recovery, with Australia just missing out on a spot on last year's winners podium, with its 11.2% annual price growth, ranking fourth best in the world, according to the Global Property Guides latest survey.

Australia's December quarter growth was 4.63%, which more than recovered its 4.08% downturn for all of 2008, as reported by BusinessDay.

During the December 2009 quarter, house prices rose in 23 countries, of the 34 countries for which statistics are available:

• Seven countries, led by Israel, have recorded two years of positive growth
• Ten have recorded consecutive negative years.
• The biggest price decline was in Latvia - down 50.2%.