PHOTO: This property at 3 Cooper St, Double Bay sold for $4.462m Source: Supplied

Sydney remains Australia’s number one luxury market and is still ranked among the world best performing cities for high-end real estate, even with the downturn.

The Wealth Report 2019 released by Knight Frank tracks the movement of luxury residential prices — as defined as the top 5 per cent of a market — of 100 cities around the globe.

Sydney ranked 30th in the latest report, outperforming local rivals Brisbane (31), Melbourne (41), Perth and Gold Coast (=42), who also all made the top 50 list for prestige property growth.