Housing markets across the globe are emerging from the slump and are showing signs of recovery according to a new report.

The Global Property Guide survey showed China, Portugal, Australia, New Zealand, France, Sweden and Hong Kong have rebounded during the second quarter in 2009.

House prices in China rose by 2.09% while Portugal added 1.01%. Australia and New Zealand recorded significant increases in house prices during the same period. All eight capital cities in Australia  racked up between 2% and 5% growth, pushing average house price higher by 3.31%. New Zealand recorded its first yearly house price in July 2009, lifting the quarterly growth by 2.21% according to the report.

After massive drops in value over the past two years, the US housing markets appear to have turned the corner. During the second quarter of this year, house prices rose by 0.35% based on the Case-Shiller house price index.

Source: Global Property Guide