PHOTO: A new report has found five Australian cities have placed in the top 50 worldwide in terms of residential price growth. 

The Wealth Report 2019, released by Knight Frank, tracks the movement of luxury residential prices in the world’s top 100 cities.

Last year showed Sydney at the top of the list of Australian cities with 3.1% prime price growth in 2018.

Australia’s rankings were: Sydney (30), Brisbane (31), Melbourne (41), Perth (42) and Gold Coast (42).

Manila topped the rankings with 11% growth, attributed to a lack of supply and the Philippines’ thriving economy.

The index saw its lowest rate of annual growth since 2012 with prices rising on average by 1.3% down from 2.1% in 2017.

According to Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski: “The Australian prime market continues to track above the global average for luxury residential price growth over the year to December 2018, with Sydney topping the list for Australian cities on the PIRI 100 at 3.1% growth; Brisbane at 3%; Melbourne 2.2%; and Perth and the Gold Coast both at 2.1% price growth year-on-year.