Australasia was the strongest performing region across the globe according to Knight Frank’s Prime Global Cities Index -- climbing 4.2 per cent in the year to September 2017.
The index tracks the movement of luxury residential prices across 41 cities world-wide, and revealed Australasia has experience a 10.7 per cent jump in annual capital growth for luxury residential prices.
The Chinese city of Guangzhou took out top place, with annual growth of 36.3 per cent, and quarterly growth of 6.8 per cent.
Knight Frank head of Australian residential research Michelle Ciesielski said prime prices in Sydney and Melbourne continued to track higher, with those in Melbourne rising from a lower base.
“In a world full of uncertainty, high net worth individuals seek security,” she said.
Residential property offers transparency in ownership, a safe haven investment, and potential for capital growth.”