A new report calls out Melbourne as a future superstar of the global real estate market, betting that prices will continue to climb.

Candy & Candy, Savills and Deutsche Asset & Wealth identified 12 cities globally where they believe residential property price growth could overtake other, more established cities like New York and London. Prices in the cities are currently lower than many other leading destinations, making them attractive to both local and international investors.

Melbourne is second on the list, with Tel Aviv coming in number one. Chennai ranks number 12.

A two-bed apartment in the best part of Chennai would cost you $160,000 at present. In Tel Aviv similar accommodation would cost $1.45 million.

“For many ultra-high-net-worth-individuals real estate has become a unique asset class, but investment to date has focused on prime property in the top tier world cities which have shown record market growth,” said Nick Candy, CEO of Candy & Candy.

“Real estate will continue to play an important part in global investment with investors now looking beyond established safe havens and prime world cities.”

The report highlighted the following factors as contributing to each cities appeal: English as a first or second language; emerging technology industries,  financial centres, favourable conditions for international companies, and well educated residents.

News source: http://www.realestate.com.au/blog/melbourne-hot-global-property/