Knight Frank's Prime Global Cities Index, which tracks the price movement of luxury real estate in 41 cities world-wide, have put the Chinese city of Guangzhou in top place, with annual growth of 36.3 per cent, and quarterly growth of 6.8 per cent.

Sydney and Melbourne remain in the top ten - for the tenth consecutive quarter. Sydney was in eighth place, with annual growth for high-end real estate of 11 per cent, and quarterly growth of 0.7 per cent. Melbourne was just behind in ninth place, with annual growth of 10.4 per cent, and quarterly growth of 2.8 per cent.

The report noted that Melbourne's real estate prices are rising off a lower base than Sydney's prices. 

Knight Frank Prime Global Cities Index, Q3 2017

Source: Knight Frank Prime Global Cities Index.

Despite Guangzhou's world-beating growth, the Chinese market overall slowed, with Shanghai and Beijing both recording declines in the rate of growth in their luxury property markets.

Australasia was the fastest growing region, with annual growth of 10.7 per cent.

Knight Frank defines prime real estate as the top 5 per cent of the housing market in each city.

Click here to read Knight Frank's Q3 Prime Global Cities Report.

Read more about Knight Frank research:

Australia ranks 11th on Knight Frank's Global House Price Index

Sydney, Melbourne, Hobart climb Knight Frank global price-growth index

Australia 20th on Knight Frank Global House Price Index