The Australian property market is ranked as the fourth largest growing property market in the world, according to the Knight Frank, an international estate agent. Australia gained the spot despite a 20% hike in its property prices over the last year. The survey showed that the Asia Pacific region was reported as the biggest gainer in the house prices last year.

According to the Knight Frank's Global House Price Index, Australia was ranked the fourth fastest growing property market in the world, behind China, Hong Kong and Singapore.

Australia was also ranked fourth for price growth. Knight Frank conducted the survey among 47 countries. Knight Frank said that the growth in Australian property values was mainly attributable to the combination of low interest rates, increased first home buyer's grant, and population growth.

"With interest rates now rising, the government withdrawing stimulus and the supply response picking up, we expect house prices to slow over the next six to nine months," said Liam Bailey, head of residential research at Knight Frank.

Knight Frank said that the property values in Australia grew by 20% over last one year. China was reported the first China registered a growth of 30.6% in its property values, followed by Hong Kong and Singapore.