Knight Frank, a world-renowned real estate agency group, said the high-end residential markets in Sydney and Melbourne are still among the top 10 cities in the world. Due to the demand from the wealthy who want to reduce the size of housing, these two cities have been in 10 consecutive quarters

According to the Australian Financial Review, according to Knight Frank’s latest global major city index, Sydney ranked No. 8 in this list, in the 12 months ending in September, high-end real estate growth rate of 11 %, While Melbourne ranked ninth, with an annual growth rate of 10.4%.

The quarterly index compares prices in luxury homes, which are defined as those in the top 5% of the market, which assesses 41 cities around the world. Chinese city Guangzhou is still at the top of the list with a 6.8% quarterly yield, and the high-end property in the southern Chinese city has soared 36.3% in the past 12 months. In terms of area, the price growth of some other Asian megacities weakened, dragging the growth rate of the Asian luxury market down to No. 3 with an overall annual revenue of 5.3%, second only to 7.2% in Africa, South Pacific Islands was 10.7%, ranking first.

The report said demand for premium properties is driven by a series of buyers, including the wealthy who want to shrink the size of their home or want to settle in convenient locations.

（Photo credit: Australian Financial Review)

Sarah Harding, head of Australia at Knight Frank, said: “While the mainstream market has dropped back to more sustainable growth, the high end of the property market continues to strengthen with double digit growth.”

The strong performance of the top two cities explains to a certain extent the continued growth of housing credit. As of August, housing borrowers in home loans rose most rapidly in the nine months to August, pushing total loans to new monthly highs.

Loan constraints hit investors in Sydney, which is the city with the highest percentage of investors, but the strictest of the rules are the ones that have already been built on the brink of decline, with less sluggish demand in more expensive suburbs.