New Zealand comes second in order, after Turkey but it tops the list if the impact of inflation is removed. The average house price in Auckland has reached $743,000 for the first time.
Separate data shows house prices in the Auckland region rose 15.9% on last year, making them more than 85% higher than the previous market peak in 2007. This rise in house prices is been pushed by strong immigration, low interest rates and limited housing.
The Reserve Bank of New Zealand is deliberately warning that the soaring prices are risky to financial stability.
Next month, new rules would be introduced to calm the market by raising the amount of down payment needed. Price rises in these cities have been driven not just by domestic demand but overseas interest from Asia, especially China.