The world's housing markets are mostly in recovery. And Australia just missed out on a spot on last year's winners' podium, with its 11.2 per cent annual price growth ranked fourth-best in the world, says the Global Property Guide's latest survey.

Australia's December quarter growth was 4.63 per cent, which more than recovered its 4.08 per cent downturn for all of 2008.

During the December quarter, house prices rose in 23 countries, of the 34 countries for which quarterly statistics are available. They fell in 11 countries. The annual data had 16 countries experiencing price increases, with 18 countries recording declines last year.

Seven countries, led by Israel, have recorded two years of positive growth. Ten countries have recorded two negative years.

The biggest price decline took place in Latvia, down 50.2 per cent last year, after a fall of 36.9 per cent in 2008. Latvia's house prices started falling in 2007 following government efforts to tame inflation and discourage property speculation. Latvia had been among the fastest growing countries in Europe, with house prices typically tripling between 2004 to 2007, says the guide's publisher, Matthew Montagu-Pollock.