The Place Where Housing Prices Are Doubling Each Year

If you thought that the rising property prices in Sydney were crazy, wait till you get a load of how insane this growth is.

New homes in the Chinese city of Shenzhen rose by a ridiculous 50.9% in just one year, which is an acceleration on 46.8% on Decembers numbers.

Pictured: A stoked investor riding the growth.

To put that in perspective, house prices in Sydney grew by around 20% in 2015, and we all know how that turned out.

The Chinese housing market fell flat in the second half of last year, prompting a slew of government support measures to get aid recovery. These included interest rate cuts and lower down payment requirements for buyers. They also made further cuts to down payments this month.

Other major cities in the country saw some pretty gnarly growth too, with the nations capital Beijing upping by 10.3%, Shanghai by 17.5%, Guangzhou by 9.9% and Tianjin by 3.9%.

China’s leaders are working to reduce excess housing stock this year, a move that will help the recovery process further.

Back home, things are looking to move a little slower this year, particularly in Sydney, with growth across the country forecast at about 2%.

Sources: Business Insider, Reuters